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...

This paper studies the impact of considering the incentives of candidates to strategically affect the outcome of a voting procedure. First we show that every non-dictatorial voting procedure that satisfies unanimity, is open to strategic entry or exit by candidates: there necessarily exists some...