We propose a method to aggregate heterogeneous individual beliefs, givena competitive equilibrium in complete asset markets, into a single “marketprobability” such that it generates, if commonly shared by all investors, thesame marginal valuation of assets by the market (the same equilibrium...

The aim of these lecture notes is to present a few mathematical factsabout the bifurcations of nonlinear difference equations, in a concise andsimple form that might be useable by economic theorists.

This book presents the state-of-the-art in non-linear dynamics and sunspots. These two topics have been the core of an international conference on instability and public policies in a globalized world, organized at Aix-Marseille School of Economics and GREQAM in honor of Jean-Michel Grandmont....