We propose an ob jective for the firm in a general model of production economies extending overtime under uncertainty and with incomplete markets. Trading in commodities and shares of stockoccurs sequentially on spot markets at all date-events. We derive the objective of the firm from...

The European economic integration leads to increasing mobility of factors, thereby threatening the stability of social transfer programs. This article investigates the possibility to achieve by means of voluntary matching grants both the optimal allocation of factors and the optimal level of...