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We model social choice problems in which self interested agents with private utility functions have to agree on values for a set of variables subject to side constraints. The goal is to implement the efficient solution, maximizing the total utility across ...
We consider monetary-fiscal interactions when the monetary authority is more conservative than the fiscal. With both policies discretionary, (1) Nash equilibrium yields lower output and higher price than the ideal points of both authorities, (2) of the two ...
We analyse the optimal Initial Public Offering (IPO) mechanism in a multidimensional adverse selection setting where institutional investors have private information about the market valuation of the shares, the intermediary has private information about t ...
The enterprises active in the industrial subcontracting branch are in a very competitive market and support large pressures on their prices and delivery schedules. The arrival on the market of suppliers from low-cost countries like Eastern Europe or the Fa ...
Short Message Service (SMS) has become extremely popular in many countries, and represents a multi-billion dollars market. Yet many consumers consider that the price charged by the cellular network operators is too high. In this paper, we explain that ther ...
We study the pricing and hedging of contingent claims that are subject to Event Risk which we define as rare and unpredictable events whose occurrence may be correlated to, but cannot be hedged perfectly with standard marketed instruments. The super and su ...
The enterprises active in the industrial subcontracting branch are in a very competitive market and support large pressures on their prices and delivery schedules. The arrival on the market of suppliers from low-cost countries like Eastern Europe or the Fa ...
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We attempt to translate Neo-Austrian ideas about the workings of financial markets, as originally advanced by F. A. Hayek, into the standard probabilistic language of modern finance. We focus on an apparent paradox, namely the insistence of Neo-Austrians o ...
We present the first step in a program to develop a comprehen- sive, unified equilibrium theory of asset and liability pricing. We give a mathematical framework for pricing insurance products in a multiperiod financial market. This framework reflects classical ...
