Manfred Ner

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In this paper we examine the competitive equilibria of a dynamic stochastic economy with complete markets and collateral constraints. We show that, provided both the set of asset payoffs and of collateral levels are sufficiently rich, the equilibrium allocations with sequential trades and collateral constraints are equivalent to those obtained in(More)
It is shown that the acoustically induced phase modulation of coherent light propagating within a multimode optical fiber may be linearly detected by an interferometer employing an unmodulated replica of the fiber beam as the reference. It is proposed that a dynamic hologram provide such a reference. This technique allows a performance comparable with that(More)
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