This paper studies competitive equilibria in economics characterized by the presence of asymmetric information (both of the moral hazard and the adverse selection type). We consider economies where non-exclusive contracts (securities) with payoffs dependent on the agents' private information are...

Most models of family intergenerational transfers consider only two generations (parents and children) and focus on two motives for parental transfers: altruism and exchange, while assuming almost perfect substitution between inter vivos transfers and bequests. Based upon French evidence, this...