Optimality of incomplete markets

Article Abstract:

A study on the optimality of an incomplete market's financial structure is presented. Certain aids for comparing various incomplete market structures are implemented in the analysis. The situation involves a static exchange economy with risks in the initial endowments of traders. A comparison is made of financial structures having an equal number of assets. Market structures are said to be optimal if their risk allocation for specific economies are not Pareto-dominated even if other market structures are implemented.

Markets (Economics)

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The use of an agent in a signalling model

Article Abstract:

The role of agents in signalling information about a firm is discussed. A model is developed to determine the economic effects of such signalling. 'Information rent' is employed to address problems associated with a screening condition. Past research of signalling is also discussed.

Models, Industrial organization

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Bargaining on behalf of a constituency

Article Abstract:

Issues are presented concerning the use of a representative, such as a labor union leader, to bargain on behalf of the people who elected him or her, with another party. The efficiency of the use of a representative is discussed.

Negotiation, Negotiations, Delegation of authority

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