We present an equilibrium framework in which asset prices, default-free term structure and default premia are …

prices determined on exchanges, there has been little research on the organizational structure and governance of these …

closed above 30 in the two weeks following the Times article. The market's enthusiasm lifted the prices of other … enthusiastic public attention can induce a permanent rise in share prices, even when no genuinely new information is presented. The …

allocation. Prices in competitive markets may fail to attain equilibrium. The theory of general competitive equilibrium does not … account for the adjustment of prices; empirical evidence indicates persistent deviations from market clearing. Fix …-price equilibria, following Benassy (1975) and Dreze (1975), characterize the allocation of resources at arbitrary prices. The …