This contribution investigates the effectiveness and welfare implications of fiscal policies in a context of multilateral trade, when traders behave strategically. The present approach deals simultaneously with two aspects of fiscal policies: collecting resources for redistributive purposes and...

A component of Nash equilibria is potentially stable if there exists an evolutionary selection dynamics from a broad class for which the component is asymptotically stable. Anecessary condition for potential stability is that the component's index agrees with its Euler characteristic. Second, if...

This paper attempts to identify, in a framework deliberately stripped of unnecessary technicalities, some of the basic reasons why adaptative learning may or may not lead to stability and convergence to self-fulfilling expectations in large socioeconomic systems where no agent, or collection of...

In this paper, we show that even if a redundant security does not have the cost-saving role in markets with transaction costs, it may still be relevant to risk-sharing at equilibrium. We call this the coordinating role of the redundant security. We prove that at least 5 securities and 3 states...

This paper investigates one of the most important financial issues arising from a secession or a country partitioning, namely the sharing ot the national public debt. Extending Dreze's distributive neutrlaity condition, we use the generational accounting technique and propose a dynamic...