Banks and regulatory agencies use monetary measures of risk to assess the risk taken by financial investors; important examples are given by the soâ€“called Value at Risk and the class of Coherent Riskâ€¦ (More)

Other-Regarding Preferences in General Equilibrium* We study competitive market outcomes in economies where agents have other-regarding preferences. We identify a separability condition on monotoneâ€¦ (More)

We study the intertemporal utility maximization problem for Hindy-HuangKreps utilities. Necessary and sufficient conditions for optimality are given. An explicit solution is provided for a largeâ€¦ (More)

In John Nashâ€™s proofs for the existence of (Nash) equilibria based on Brouwerâ€™s theorem, an iteration mapping is used. A continuousâ€” time analogue of the same mapping has been studied even earlier byâ€¦ (More)

This paper develops a general theory of sequential irreversible investments in capital where a firm has the option to expand its current capacity or just wait for better time. Facing economicâ€¦ (More)

We define the logit dynamic for games with continuous strategy spaces and establish its fundamental properties , i.e. the existence, uniqueness and continuity of solutions. We apply the dynamic toâ€¦ (More)

We develop a theory of optimal stopping under Knightian uncertainty. A suitable martingale theory for multiple priors is derived in order to extend the classical dynamic programming or Snell envelopeâ€¦ (More)

We study a communication game of common interest in which the sender observes one of infinite types and sends one of finite messages which is interpreted by the receiver. In equilibrium there is noâ€¦ (More)