M Magill… - 2002 - books.google.com
The Theory of Incomplete Markets provides a unified framework for analyzing the real,
financial, and monetary sectors of an economy. It describes an innovative theory that takes
into account the fact that in order to coordinate their activities and share their risks, agents ...
M Magill… - 2008 - www-bcf.usc.edu
The principal objective of general equilibrium theory is to study the allocation of resources
achievable via a system of markets. If all activity in an economy could be viewed as taking
place in a single period then it would perhaps be reasonable to assume that markets are ...
M Magill… - Econometrica: Journal of the Econometric Society, 1994 - JSTOR
The model of general equilibrium with incomplete markets is a generalization of the Arrow-
Debreu model which provides a rich framework for studying problems of macroeconomics.
This paper shows how the model, which has so far been restricted to economies with a ...
J Geanakoplos, M Magill… - Brookings Papers on Economic …, 2004 - JSTOR
THE SECULAR MOVEMENT OF the US stock market in the postwar period has been
characterized by three distinct twenty-year episodes of sustained increases or decreases in
real stock prices: the bull market of 1945-66, the subsequent bear market of the 1970s and ...
[CITATION] Theory of incomplete markets. Vol. 1
M Magill, M Quinzii, J Werner - Journal of …, 1998 - Nashville [etc.]: American Economic …
J Geanakoplos, M Magill, M Quinzii… - Journal of Mathematical …, 1990 - Elsevier
Abstract If the asset market is incomplete, and if there are two or more consumption goods in
each state of nature, then for fixed consumer preferences (of at least two agents), and fixed
(non-trivial) technologies for the firm (s), and for a generic assignment of initial ...
M Magill… - Journal of Mathematical Economics, 1996 - Elsevier
This paper studies sequence economies over an infinite horizon with general security
structures. Assumptions are given under which a pseudo-equilibrium exists for all
economies and an equilibrium exists for a dense set of (appropriately parameterized) ...
M Magill… - Journal of Mathematical Economics, 1992 - Elsevier
Abstract This paper studies a simple stochastic general equilibrium model with money and
nominal assets. We examine the role of money as a medium of exchange and as a store of
value and give conditions under which local changes in the money supply lead to local ...
M Quinzii - 1992 - books.google.com
Increasing returns to scale is an area in economics that has recently become the focus of
much attention. While most firms operate under constant or decreasing return to scale on
their relevant range of production, some firms produce goods or services with a ...
M Quinzii… - Journal of Mathematical Economics, 1985 - Elsevier
Abstract Spence's model of market signalling is extended to the case of multidimensional
characteristics. Assuming separable costs, we give a characterization of equilibria as related
to the convex solutions of some partial differential equation. An existence result is ...
C Bevia, M Quinzii… - Mathematical Social Sciences, 1999 - Elsevier
This paper studies economies in which agents exchange indivisible goods and money. The
indivisible goods are differentiated and agents have potential use for all of them. We assume
that agents have quasi-linear utilities in money, have sufficient money endowments to ...
M Magill… - Journal of Mathematical Economics, 2002 - Elsevier
This paper studies a general equilibrium model of an economy with production under
uncertainty in which firms' capital (ownership) structures creates a moral hazard problem for
their managers. The concept of an equilibrium with rational, competitive price perceptions ...
M Magdl… - 1996 - econ.ucdavis.edu
Note: The Working Papers of rhe Department of Economics, University of California, Davis,
are preliminary materials circulated to invite discussion and critical comment. These papers
may befreely circulated but to protect their tentative character they are not to be quoted ...
T Ichiishi… - International Economic Review, 1983 - JSTOR
Given a production technology with increasing returns, a competitive equilibrium (an
outcome based upon non-cooperative behavior of the agents) typically fails to exist. Another
feature of increasing returns is that the core (the set of stable, feasible outcomes based ...
M Quinzii - Journal of Economic Theory, 1982 - econ.ucdavis.edu
In this paper, we derive a set of sufficient conditions for the existence of the core of a
productive economy with increasing returns. We consider a model in which the productive
sector is described by a set of non-producible inputs, a set of produced outputs and a ...
M Quinzii… - Econometrica: Journal of the Econometric Society, 1990 - JSTOR
Using the Eaton and Lipsey model, we show that a hierarchical system of central places is
socially optimal: firms having less frequent purchases are clustered with firms having more
frequent purchases in any configuration minimizing total transport and production costs.
M Quinzii - Papers, 1988 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
M Magill… - Economic Theory, 1997 - Springer
Summary. Economists have long argued that loan contracts should be indexed to remove
the risks arising from fluctuations in the purchasing power of money: indexation however
while eliminating one risk, substitutes another, arising from fluctuations in relative prices of ...
M Magill… - Journal of Mathematical Economics, 2003 - Elsevier
This paper studies an overlapping generations (OLG) model with production under the
assumption that capital investment is completely irreversible: installed capital cannot be
transformed back into consumption good nor transferred from one firm to another. Since ...
M Magill… - Economic Theory, 2000 - Springer
Summary. This paper derives the equilibrium of an infinite-horizon discrete-time CAPM
economy in which agents have discounted expected quadratic utility functions. We show that
there is an income stream obtainable by trading on the financial markets which best ...
F Fogelman, M Quinzii… - Journal of Economic …, 1978 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Dynamic
processes for tax reform theory. Francoise Fogelman, Martine Quinzii () and Guesnerie Roger ().
Journal of Economic Theory, 1978, vol. 17, issue 2, pages 200-226. ...
M Magill… - IEPR Working Paper No. 05-22, 2005 - papers.ssrn.com
Abstract: This paper studies a general equilibrium model with two groups of agents,
investors (shareholders) and managers of firms, in which managerial effort is not observable
and influences the probabilities of firms' outcomes. Shareholders of each firm offer the ...
[CITATION] The stock market in the overlapping generations model with production
M Magill… - 1999 - Working paper 99-13, University of …
M Magill… - Economic Theory, 2009 - Springer
Abstract We develop an alternative approach to the general equilibrium analysis of a
stochastic production economy when firms' choices of investment influence the probability
distributions of their output. Using a normative approach we derive the criterion that a firm ...
M Magill… - Journal of Mathematical Economics, 2008 - Elsevier
This paper presents a model of stock market equilibrium with a finite number of corporations
and studies its normative properties. Each firm is run by a manager whose effort is
unobservable and influences the probabilities of the firm's outcomes. The Board of ...
F Fogelman… - Mathematics of Operations Research, 1980 - JSTOR
In this paper we are concerned with mixed games, ie, games with on one hand an" ocean" of
insignificant players (formalized by a continuum of players) and on the other hand some
significant players (atoms). Considering these games as limits of finite games, we show, ...
[CITATION] C. 1985. Multidimensional Signalling
M Quinzii… - Journal of Mathematical Economics
M Magill… - by WA Barnett, B. Cornet, C. …, 1988 - economics.ucdavis.edu
Recent work on the theory of incomplete markets (see Magill and Shafer, 1991) can be
viewed as an attempt to broaden the scope and applicability of standard general equilibrium
theory by introducing a structure of markets, contracts, and constraints on agent ...
M Magill… - Annals of Finance, 2006 - Springer
Abstract This paper studies qualitative properties of an optimal contract in a multi-agent
setting in which agents are subject to a common shock. We derive a necessary and sufficient
condition for the optimal reward of an agent producing an output level y to be a ...
M Magill… - 1998 - econometricsociety.org
Economists have long held two opposing views on the merits of the stock market and the
associated corporate form of organization. On the one hand the stock market permits the
substantial production risks of society to be diversified among many investors: this view ...
M Magill, M Quinzii… - 2010 - economics.uchicago.edu
ABSTRACT This paper presents a model of the stakeholder corporation and analyzes the
equilibrium of an economy with stakeholder firms. The analysis is based on a model of a
production economy that differs from the standard approach based on states of nature. ...
[CITATION] Demography and the Predictability of the Stock Market
J Geanakoplos, M Magill… - preprint, 2001
M Magill… - International Economic Review, 2010 - Wiley Online Library
This article uses Taylor series expansions and the assumption of small risks to derive a comoment
criterion that firms should maximize so that the resulting equilibrium is Pareto optimal. This is
done in two models of production under uncertainty: the state-of-nature model in which ...
JJ Gabszewicz… - European Economic Review, 1986 - Elsevier
In this paper we consider a simple model of a competitive economy, focusing our analysis
on the problem of capacity adjustments resulting from a time-lag between production
decisions and the availability of investments. Our main proposition shows that a particular ...
M Magill… - Economic Theory, 2003 - Springer
Summary. This paper studies the equilibria of a stochastic OLG exchange economies
consisting of identical agents living for two periods, and having the opportunity to trade a
single infinitely-lived asset in constant supply. The agents have uncertain endowments ...
M Magill… - 2005 - papers.ssrn.com
Abstract: This paper studies qualitative properties of an optimal contract in a multi-agent
setting in which agents are subject to a common shock. We derive a necessary and sufficient
condition for the optimal reward of an agent producing an output level y to be a ...
M MAGILL, M QUINZII… - 2011 - federation.ens.fr
ABSTRACT This paper presents a model of the stakeholder corporation and analyzes the
equilibrium of an economy with stakeholder firms. The analysis is based on a model of a
production economy that differs from the standard approach where uncertainty is modeled ...
M Magill… - General Equilibrium: Problems, Prospects …, 2003 - www-rcf.usc.edu
The objective of general equilibrium theory is to understand how the complex structure of
contractual markets, characteristic of a modern economy, provides a mechanism for agents
(consumers, firms and government) to coordinate their decisions, share their risks and ...
J Geanakoplos, M Magill… - 2003 - economics.ucr.edu
The secular movement of the US stock market in the postwar period has been characterized
by three distinct episodes of sustained increase or decrease of real stock prices: the bull
market of the fifties and early sixties, the subsequent bear market of the seventies and ...
C Bevia, M Quinzii… - Working papers= Documentos de …, 1997 - dialnet.unirioja.es
Resumen: This paper studies economies where agents exchange indivisible goods and
money. Agents have potencial use for all indivisible goods and the indivisible goods are
differentiated. We assume that agents have quasilinear utilities in money, have sufficiently ...
M MAGILL… - 2009 - econ.ucdavis.edu
Abstract. This paper proposes an abstract framework for studying how monetary policy can
anchor agents' expectations of inflation—the prime mandate of a Central Bank—in a regime
where monetary-fiscal policy is Ricardian so that agents' expectations are indeterminate. ...
M Magill… - … theory and applications: proceedings of the …, 1991 - books.google.com
Recent work on the theory of incomplete markets (see Magill and Shafer, 1991) can be
viewed as an attempt to broaden the scope and applicability of standard general equilibrium
theory by introducing a structure of markets, contracts, and constraints on agent ...
M Magill, M Quinzii… - Economic Journal, 1997 - en.scientificcommons.org
Abstract The Theory of Incomplete Markets provides a unified framework for analyzing the
real, financial, and monetary sectors of an economy. It describes an innovative theory that
takes into account the fact that in order to coordinate their activities and share their risks, ...
M Magill… - October, 2000 - mendeley.com
Abstract This paper derives the equilibrium of an infinite-horizon discrete-time CAPM
economy in which agents have discounted expected quadratic utility functions. We show that
there is an income stream obtainable by trading on the financial markets which best ...
[CITATION] The NBER/NSF General Equilibrium Conference (2003, Vol. 29, No. 68.)
M Quinzii
M Quinzii, C Bevia… - Working Papers - ideas.repec.org
This paper studies economies where agents exchange indivisible goods and money. Agents
have potential use for all indivisible goods and the indivisible goods are differentiated. We
assume that agents have quasi-linear utilities in money, have sufficient money ...
M Quinzii… - 2007 - econstor.eu
Zusammenfassung: We develop an alternative approach to the general equilibrium analysis
of a stochastic production economy when firm's choices of investment influence the
probability distributions of their output. Using a normative approach we derive the criterion ...
F Francoise, G Roger… - CEPREMAP Working …, 1977 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Dynamic
processes for tax reform theory. Fogelman Francoise, Guesnerie Roger () and Martine Quinzii (). ...
M Quinzii… - Working Papers, 2007 - ifd.dauphine.fr
Page 1. The Probability Approach to General Equilibrium with Production Michael Magill Martine
Quinzii Institut Finance Dauphine December 19, 2007 MM, MQ (Institut Finance Dauphine)
Probability Approach December 19, 2007 1 / 22 Page 2. Outline ...
M Quinzii… - Working Papers, 2008 - ideas.repec.org
This paper presents a model of stock market equilibrium with a finite number of corporations
and studies its normative properties. Each firm is run by a manager whose effort is
unobservable and influences the probabilities of the firm's outcomes. The Board of ...
A Dixit, S Brittan, DMG Newbery, RJ Barro… - The Economic …, 1997 - res.org.uk
We re-examine the basic investment problem of deciding when to incur a sunk cost to obtain
a stochastically fluctuating benefit. The optimal investment rule satisfies a trade-off between
a larger versus a later net benefit; we show that this trade-off is closely analogous to the ...
M Quinzii… - Working Papers - ideas.repec.org
This paper studies a general equilibrium model with two groups of agents, investors
(shareholders) and managers of firms, in which managerial effort is not observable and
influences the probabilities of firms' outcomes. Shareholders of each firm offer the ...
M Magill… - 2004 - econstor.eu
Zusammenfassung: This paper studies qualitative properties of an optimal contract in a multi-
agent setting in which agents are subject to a common shock. We derive a necessary and
sufficient condition for the optimal reward of an agent to be a decreasing (increasing) ...
M Magill… - 2008 - papers.ssrn.com
Abstract: This paper shows that there is a common criterion for firms for the two canonical
equilibrium models of production under uncertainty, the state-of-nature model and the
probability model. When security markets are sufficiently rich to efficiently allocate firms' ...
M Quinzii - Journal of Economics, 2004 - Springer
well-taken and they have to be seen as caveats that the subjective method is also burdened
with problems which we do not yet who well-taken and they have to be seen as caveats that
the subjective method is also burdened with problems which we do not yet wholly ...
M MAGILL… - 2009 - www-bcf.usc.edu
Abstract. This paper provides a theoretical framework for studying how monetary policy can
be used to control expectations of inflation. We consider a simple production economy with a
cash-in-advance constraint in which monetary-fiscal policy is Ricardian. Agents' ...
M MAGILL… - 2012 - federation.ens.fr
Abstract: This paper studies a simple monetary model with a Ricardian fiscal policy in which
equilibria are indeterminate if monetary policy consists solely of a rule for fixing the short-
term interest rate. We introduce explicitly into the model the agents' expectations of ...
M Quinzii… - Working Papers - ideas.repec.org
Despite economists''long standing arguments in favor of systematic indexation of loan
contracts to remove the risks associated with fluctuations in the purchasing power of money
(Jevons (1875), Marshall (1887, 1923), F~ lsher (1922), Friedman (1991)), surprisingly ...
M MAGILL… - 1900 - economics.ucdavis.edu
Abstract This paper presents a model of stock market equilibrium with a finite number of
corporations and studies its normative properties. Each firm is run by a manager whose
effort is unobservable and influences the probabilities of the firm's outcomes. The Board of ...
M Magill… - General equilibrium: problems and …, 2003 - books.google.com
The objective of general equilibrium theory is to understand how the complex structure of
contractual markets, characteristic of a modern economy, provides a mechanism for agents
(consumers, firms and government) to coordinate their decisions, share their risks and ...
M Magill… - Department of Economics, 1999 - papers.ssrn.com
Abstract: This paper studies a simple OLG model with production under the assumption that
capital investment is completely irreversible: installed capital cannot be transformed back
into consumption good nor transferred from one firm to another. Since firms cannot be ...
M Magill… - General equilibrium: problems and …, 2003 - books.google.com
Roughly speaking there are two classes of general equilibrium models which explicitly
recognize that the future is open ended: the first, simplest and most idealized, views agents
as being infinitely lived±they are all permanently on stage together. With a complete set of ...
M Quinzii, M Magill… - … meeting of the Society for the …, 1999 - books.google.com
Abstract. This paper aims to integrate the literature on portfolio choice and security pricing
with the literature on agency costs and capital structure. It introduces the concept of a stock
market equilibrium with rational, competitive price perceptions (RCPP). Using this ...
M Quinzii - Econometric Society World Congress 2000 Contributed …, 2000 - ideas.repec.org
This paper studies a simple OLG model with production under the assumption that capital
investment is completely irreversible: installed capital cannot be transformed back into
consumption good nor transferred from one firm to another. Since firms cannot be ...
M Magill… - 1998 - papers.ssrn.com
Abstract: This paper exhibits a class of infinite-horizon economies with incomplete markets
(GEI) for which the equilibrium can be explicitly derived. We show that if agents have
preference orderings represented by expected discounted quadratic utilities and if their ...
M Quinzii… - 1900 - econstor.eu
Zusammenfassung: This paper presents a model of stock market equilibrium with a finite
number of corporations and studies its normative properties. Each firm is run by a manager
whose effort is unobservable and influences the probabilities of the firm's outcomes. The ...
M Quinzii… - Working Papers, 2007 - ideas.repec.org
The paper studies a two-period stochastic economy in which a firm's investment influences
the probability distribution of its profit. We take a normative approach, asking which criterion
firms should maximize to obtain an equilibrium which is Pareto optimal. We find that a firm ...
M Quinzii… - Working Papers - ideas.repec.org
This paper studies qualitative properties of an optimal contract in a multi-agent setting in
which agents are subject to a common shock. We derive a necessary and sufficient
condition for the optimal reward of an agent to be a decreasing (increasing) function of the ...
M Magill… - The New Palgrave Dictionary of Economics, 2010 - www-bcf.usc.edu
Abstract. An account is given of the principal concepts and results of general equilibrium
with incomplete financial markets over a finite horizon, focusing on the generic existence,
sub-optimality and determinacy of equilibrium. Many results depend on the nature of the ...
M QUINZII - www-bcf.usc.edu
Summary. Economists have long argued that loan contracts should be indexed to remove
the risks arising from 2uctuations in the purchasing power of money: indexation however
while eliminating one risk, substitutes another, arising from 2uctuations in relative prices of ...
J Geanakoplos, M Magill… - Yale University, 2004 - Citeseer
CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): This paper was
begun during a visit at the Cowles Foundation in Fall 2000 and revised during a visit in Fall 2002:
Michael Magill and Martine Quinzii are grateful for the stimulating environment and ...
M Quinzii, M Magill… - Working Papers - ideas.repec.org
This paper exhibits a class of infinite-horizon economies with incomplete markets (GEI) for
which the equilibrium can be explicitly derived. We show that if agents have preference
orderings represented by expected discounted quadratic utilities and if their endowments ...
[CITATION] Increasing returns and efficiency
M Quinzii, WW Sharkey - Journal of …, 1994 - Nashville [etc.]: American Economic …
M MAGILL… - 1998 - Citeseer
Economists have long held two opposing views on the merits of the stock market and the
associated corporate form of organization. On the one hand the stock market permits the
substantial production risks of society to be diversified among many investors: this view ...
M Quinzii, M Magill… - Working Papers - ideas.repec.org
This paper studies a simple OLG model with production under the assumption that capital
investment is completely irreversible: installed capital cannot be transformed back into
consumption good nor transferred from one firm to another. Since firms cannot be ...
M MAGILL… - 2002 - www-rcf.usc.edu
This paper addresses the following question: does the stock market influence the process of
capital accumulation? If exchanging ownership of firms on a stock market is equivalent to
exchanging the ownership of their capital on a capital goods market, then introducing a ...
M Majumdar, B Peleg, H Nikaido, M Quinzii… - 1992 - swbplus.bsz-bw.de
... 247 13 On Perfectly Coalition-proof Nash Equilibria Bezalel Peleg 259 14 Efficiency
of Marginal Cost Pricing Equilibria Martine Quinzii 269 15 A Long-open Question on
Utility and Conserved-energy Functions Paul A. Samuelson 287 ...
M Quinzii - Cahiers du Séminaire d'Économétrie, 1981 - JSTOR
Ce mémoire présente un modèle d'économie avec production où la technologie est à
rendements croissants par rapport à la taille de la production. Le problème étudié est celui
de l'existence du noyau d'une telle économie. On définit donc le noyau de l'économie et ...
M Magill… - Recherche, 2002 - lavoisier.fr
Livre: Theory of incomplete markets (paperback) MAGILL Michael, QUINZII Martine.
[CITATION] [BOOK REVIEW] INCREASING RETURNS AND EFFICIENCY
M Quinzii - Southern Economic Journal, 1993 - Proquest ABI/INFORM
M MAGILL… - Recherche, 1996 - lavoisier.fr
Livre: Theory of incomplete markets (hardback) MAGILL Michael, QUINZII Martine.
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