PUBLICATION LIST


  PUBLICATIONS

1980-1985
"On the Disaggregation of Excess Demand Functions" (with H. Polemarchakis), Econometrica (1980), 48(1): 315-335.
"Incomplete Insurance and Absolute Risk Aversion" (with T. Ito and H. Imai), Economic Letters (1981), 8(2): 107-112.
"We Can’t Disagree Forever" (with H. Polemarchakis), Journal of Economic Theory (1982), 28(1): 192-200. [CFDP 639 and CFP 552]
"Don’t Bet On It: A Note on Contingent Agreements with Asymmetric Information" (with J. Sebenius), Journal of American Statistical Association (1983), 78(382): 224-226. [CFDP 641 and CFP 572]
"A Geometric Explanation of the Transfer Paradox in a Stable Economy" (with G. Heal), Journal of Development Economics (1983), 13 (1-2), pp. 223-226. [CFDP 651 and CFP 577]
"Utility Functions for Debreu’s Excess Demands’," Journal of Mathematical Economics (1984), 13(1): 1-9. [CFDP 643 and CFP 600]
"Intertemporally Separable Overlapping Generations Economies" (with H. Polemarchakis), Journal of Economic Theory (1984), 34(2): 207-215. [CFDP 677 and CFP 606]
"Holding Idle Capacity to Deter Entry" (with J. Bulow and P. Klemperer), Economic Journal (1985), 95 (377): 178-82. [CFP 609]
"Multimarket Oligopoly: Strategic Substitutes and Complements" (with J. Bulow and P. Klemperer), Journal of Political Economy (1985), 93(3): 488-511. [Previous version appeared as "Multimarket Oligopoly," CFDP 674 and CFP 620]
1986-1990
"Existence, Regularity, and Constrained Suboptimality of Competitive Allocations when the Asset Market Is Incomplete" (with H. Polemarchakis). In W. Heller, R. Starr, and D. Starrett (eds.), Essays in Honor of Kenneth Arrow, Vol. 3. Cambridge University Press, 1986, pp. 65-95. [CFDP 764 and CFP 652]
"Walrasian Indeterminacy and Keynesian Macroeconomics" (with H. Polemarchakis), Review of Economic Studies (1986), 53(5): 755-779. [CFDP 778 and CFP 1120.]
"The Revelation of Information in Strategic Market Games: A Critique of Rational Expectations Equilibrium" (with P. Dubey and M. Shubik), Journal of Mathematical Economics (1987), 16(2): 105-138. [CFDP 634R and CFP 686]
"The Arrow-Debreu Model of General Equilibrium." In J. Eatwell, M. Milgate, P. Newman (eds.), The New Palgrave Dictionary of Money and Finance, Vol. 1. London: Macmillan Press, 1987, pp. 116-124.
"The Overlapping Generations Model of General Equilibrium." In J. Eatwell, M. Milgate, P. Newman (eds.), The New Palgrave Dictionary of Economics, Vol. 3. London: Macmillan Press, 1987, pp. 767-779.
"Real Indeterminacy with Financial Assets" (with A. Mas-Colell), Journal of Economic Theory (1989), 47(1): 22-38. [CFDP 770R and CFP 721]
"Psychological Games and Sequential Rationality" (with D. Pearce and E. Stacchetti), Games and Economic Behavior (1989), 1(1): 60-80. [CFP 726]
"Solving Systems of Simultaneous Equations in Economics" (with W. Shafer), Journal of Mathematical Economics (1990), 19(1): 69-93. [CFDP 902 and CFP 749]
"An Introduction to General Equilibrium with Incomplete Asset Markets," Journal of Mathematical Economics (1990), 19(1-2): 1-38. [CFDP 919 and CFP 750]
"Generic Inefficiency of Stock Market Equilibrium When Markets Are Incomplete" (with M. Magill, M. Quinzii, and J. Dreze), Journal of Mathematical Economics (1990), 19(1): 113-151. [CFDP 863 and CFP 751]
"Observability and Optimality" (with H. Polemarchakis), Journal of Mathematical Economics (1990), 19(1): 153-165. [CFDP 901 and CFP 752]
"Game Theory Without Partitions and Applications to Speculation and Consensus," accepted for publication in Journal of Economic Theory. [CFDP 914]
"The Capital Asset Pricing Model as a General Equilibrium with Incomplete Asset Markets" (with M. Shubik), Geneva Papers on Risk and Insurance Theory, (1990), 15(1): 55-71. [CFDP 913 and CFP 759]
"Common Knowledge of an Aggregate of Expectations" (with A. Brandenburger, R. McKelvey, L. Nielson, and T. Page), (1990), Econometrica, 58(5): 1235-1239.
1991-1997
"General Equilibrium with Incomplete Markets: A Comment." In Lionel McKenzie and Stefano Zamagni (eds.), Value and Capital, 50 Years Later. Macmillan, London, 1991, pp. 145-150.
"A Theory of Hierarchies Based on Limited Managerial Attention" (with P. Milgrom), Journal of the Japanese and International Economies, (1991), 5(3): 205-225. [CFDP 775R and CFP 794]
"Overlapping Generations" (with H. Polemarchakis). In W. Hildenbrand and Hugo Sonnenschein (eds),Handbook of Mathematical Economics, Volume IV. Amsterdam: North Holland, 1991, pp. 1899-1962.
"When Seeing Further is Not Seeing Better" (with L. Gray), (1991), Bulletin of the Santa Fe Institute, 6(2): 1-6. [CFP  797]
"The Value of Money in a Finite-Horizon Economy: A Role for Banks" (with Pradeep Dubey). In P. Dasgupta, D. Gale, D. Hart, and E. Maskin (eds.), Economic Analysis of Markets and Games, Essays in Honor of Frank Hahn. Cambridge, MA: MIT Press, 1992, pp. 407-444. [CFP 901.]
"Correlated Equilibrium with Generalized Information Structures" (with A. Brandenburger and E. Dekel), Games and Economic Behavior, (1992), 4: 182-201. [CFDP 884R, 1988 and reprinted as CFP 819, 1992.]
"The Expressive Power of the Hierarchical Approach to Modeling Knowledge and Common Knowledge" (with R. Fagin, J. Halpern, and M. Vardi). In Y. Moses (ed.), Theoretical Aspects of Reasoning about Knowledge, Proceedings of the Fourth Conference. San Mateo: Morgan Kaufmann Publishers, 1992, pp. 254-315.
"Common Knowledge," Journal of Economic Perspectives, (1992), 6(4): 52-83. [CFP 828]
"The Power of Commitment" (with C. Chou), accepted in Journal of Economic Theory. [CFDP 885]
"Common Knowledge." In R. Aumann and S. Hart (eds.), Handbook of Game Theory, Volume 2. Amsterdam: North Holland, 1994, pp. 1437-1496. [CFDP1062 and CFP 882]
"Stationary Markov Equilibria" (with D. Duffie, A. McLennan, and A. Mas-Colell), Econometrica (1994), 62(4): 745-781. [CFP 873]
"Promises, Promises." In W.B. Arthur, S. Durlauf and D. Lane (eds.), The Economy as an Evolving Complex System, II. Reading MA: Addison-Wesley, 1997, pp. 285-320. [CFDP 1143 and CFP 1057]
1998
"A Note on the Economic Rationalization of Gun Control," (with V. Chaudhri), (1998), Economic Letters, 58(1):  51-53.
"Would a Privatized Social Security System Really Pay a Higher Rate of Return?" (with O. Mitchell and S. Zeldes). In R.D. Arnold, M. Graetz and A. Munnell (eds.), Framing the Social Security Debate. Values, Economics, and Politics. National Academy of Social Insurance, 1998, pp. 137-157. Reprinted in S.H. Altman and D.I. Shactman (eds.), Policies For An Aging Society, as "Private Accounts, Prefunding, and Equity Investment Under Social Security." Boston and London: The Johns Hopkins University Press, 2002, pp. 266-292. [CFDP 1194 and CFP 1002]
2000
"The Hierarchical Approach to Modeling Knowledge and Common Knowledge" (with R. Fagin, J.Y. Halpern, M.Y. Vardi), International Journal of Game Theory, (1999), 28(3): 331-365. [CFDP 1213 and CFP 984]
"Social Security Money’s Worth" (with O. Mitchell and S. Zeldes). In O. Mitchell, R. Myers and H. Young (eds.), Prospects for Social Security Reform. Pension Research Council, The Wharton School, University of Pennsylvania Press, Philadelphia, 1999, pp. 79-151. Reprinted by the Pension Research Council, The Wharton School, University of Pennsylvania, 2000. [CFDP 1193 and CFP 1005]
"A Strategic Market Game with Active Bankruptcy" (with I. Karatzas, M. Shubik and W. Sudderth), Journal of Mathematical Economics (2000), 34(3): 359-396. [CFDP 1183 and CFP 1008]
2002
"Savings and Portfolio Choice in a Two-Period, Two-Asset Economy" (with S. Aura and P. Diamond.), American Economic Review (2002), 92(4): 1185-91. [CFDP 1268 and CFP 1078]
"Competitive Pooling: Rothschild-Stiglitz Reconsidered" (with P. Dubey), The Quarterly Journal of Economics (2002), 117(4): 1529-1570. [CFDP 1346RR, CFDP 1305, as "Signalling and Default: Rothschild and Stiglitz Reconsidered," and CFP 1048]
"International Finance in General Equilibrium" (with D. Tsomocos), Research in Economics, (2002), 56(1): 85-142. [CFDP 1313 and CFP 1082]
2003
"Liquidity, Default, and Crashes: Endogenous Contracts in General Equilibrium," Advances in Economics and Econometrics: Theory and Applications, Eighth World Conference, Volume II, Econometric Society Monographs (2003), pp. 170-205. [CFDP 1316RR and CFP 1074]
"Inside and Outside Fiat Money, Gains to Trade, and IS-LM" (with Pradeep Dubey), Economic Theory (2003), 21(2-3): 347-397. [CFDP 1257R and CFP 1052]
"Nash and Walras Equilibrium Via Brouwer," Economic Theory (2003), 21(2-3): 585-603. [CFDP 1131RRR and CFP 1058]
"Is Gold An Efficient Store of Value?" (with P. Dubey and M. Shubik), Economic Theory (2003), 21(4): 767-782. [CFDP 1031R2 and CFP 1084.]

"Social Security Investment in Equities" (with P. Diamond), American Economic Review (2003), 93(4): 1047-1074; also to be reprinted in R. Brooks and A. Razin (eds.), Social Security Reform: Financial and Political Issues in International Perspectives, Cambridge University Press. [CFP 1314R as "Social Security Investment in Equities: I. Linear Case," and CFP 1070]

"From Nash to Walras via Shapley-Shubik" (with P. Dubey), Journal of Mathematical Economics (2003), 39: 391-400. [CFDP 1360]
"Monetary Equilibrium with Missing Markets" (with P. Dubey), Journal of Mathematical Economics (2003), 39: 585-618. [CFDP 1389 and CFP 1063]
"Three Brief Proofs of Arrow’s Impossibility Theorem," Economic Theory, (2005), 26(1): 211-215. [CFDP 1123RRR and CFP 1116]
2004
"Demography and the Long-run Predictability of the Stock Market" (with M. Magill and M. Quinzii), Brookings Papers on Economic Activities (2004), 1: 241-325. [CFDP 1380R and CFP 1099]
2005
"Default and Punishment in General Equilibrium" (with P. Dubey and M. Shubik), Econometrica (2005), 73(1): 1-37. [CFDP 1304RRR, CFDP 1247 as "Default in a General Equilibrium Model with Incomplete Markets," CFDP 879R as "Default and Efficiency in General Equilibrium with Incomplete Markets," and CFP 1108]
"Introduction to "Celebrating Irving Fisher: The Legacy of a Great Economist" (coedited with R. Dimand), American Journal of Economics and Sociology (2005), 64(1): 3-18 and Blackwell Publishing, Oxford, 2005. [CFP 1198]
"The Ideal Inflation Indexed Bond and Irving Fisher's Theory of Interest with Overlapping Generations," in Celebrating Irving Fisher: The Legacy of a Great Economist (coedited with R. Dimand), American Journal of Economics and Sociology (2005), 64(1): 257-305 and Blackwell Publishing, Oxford. [CFDP 1429 and CFP 1111]
2006
"Determinacy with Nominal Assets and Outside Money" (with P. Dubey), Economic Theory (2006), 27(1): 79-106. [CFDP 1427R and CFP 1199]
"The Inflationary Bias of Real Uncertainty and the Harmonic Fisher Equation" (with I. Karatzas, M. Shubik, W.D. Sudderth), Economic Theory (2006), 28(3): 481-512. [CFDP 1424R, CFDP 1333 as "Inflationary Bias in a Simple Stochastic Economy," and CFP 1201]
"Money and Production, and Liquidity Trap," International Journal of Economic Theory (2006), 2(3/4): 295-317 [CFDP 1574 and CFP 1200]
"Non-Monotonic Liquidity Under-Supply" (with A. Fostel), forthcoming in Economic Theory, 2007 [CFDP 1468]
"Pareto Improving Taxes" (with H. Polemarchakis), forthcoming in Journal of Mathematical Economics, 2007. [CFDP 1576]


  BOOKS EDITED

Beyond Equilibrium and Efficiency (coedited with D. Farmer), Oxford University Press, forthcoming.
Celebrating Irving Fisher: The Legacy of a Great Economist (coedited with R. Dimand), Blackwell Publishing, 2005.


  PAPERS SUBMITTED FOR PUBLICATION

"Grading Exams: 100, 99, ..., 1 or A, B, C? Incentives in Games of Status" (with P. Dubey), Cowles Foundation Discussion Paper 1467, 2004.
"The Hangman's Paradox and Newcomb's Paradox as Psychological Games," Cowles Foundation Discussion Paper No. 1128. 1996


  PAPERS UNDER REVISION

"Dollar Denominated Debt and Optimal Security Design, CFDP 1449, 2003. Previously appeared as "Financial Security Design, Ex Ante Welfare and Dollar Denominated Debt" (with Felix Kubler), 2000 and "Financial Securities Design, Dollar Denominated Debt, and Welfare," Yale mimeo.
"Comparative Statics and Local Indeterminacy in OLG Economics: An Application of the Multiplicative Ergodic Theorem" (with Donald Brown), CFDP 773, 1985.
"Collateral and Default with Incomplete Markets" (with Bill Zame), 1995.
"Markets and Contracts" (with A. Bisin, P. Gottardi, E. Minelli, H. Polemarchakis), 2000.
"Insurance Contracts Designed by Competitive Pooling, (with Pradeep Dubey), CFDP 1315, 2001.
"Beyond Equilibrium and Efficiency" (with Doyne Farmer), 2007.
"Reforming Social Security with Progressive Personal Accounts" (with Stephen Zeldes), 2006.
"Credit Cards and Inflation" (with Pradeep Dubey), 2006.
"Hyperboic Discounting as Rational Behavior under Uncertainty" (with Doyne Farmer), 2007.
A Brief Proof of Afriat's Theorem via the Min Max Theorem," 2005.


 UNPUBLISHED PAPERS

COWLES FOUNDATION DISCUSSION PAPERS
"Prizes vs. Wages with Envy and Pride" (with P. Dubey and O. Haimanko), CFDP 1537, 2005