In this paper we argue that a large class of recursive contracts can be studied by means of the conventional Negishi method. A planner is responsible for prescribing current actions along with a distribution of future utility values to all agents, so as to maximize their weighted sum of...

The generic existence of competitive equilibria when the asset market is incomplete extends to economies with restricted participation.

The argument for the generic existence of competitive equilibria when the asset market is incomplete can be formulated with symmetric treatment of all individuals.

We consider a general equilibrium model with incomplete financial markets and nominal assets. Asset prices are given. Let D be the number of "missing" assets. If the number of agents is greater than 2(D+ 1) and the number of period zero commodities greater than (2D + 1), there is a dense,...

Competitive equilibrium allocations are indeterminate when the net trades in commodities are constrained, while the asset market is incomplete.