This paper demonstrates the generic existence of general equilibria in incomplete markets. Our economy is a model of two periods, with uncertainty over the state of nature to be revealed in the second period. Securities are claims to commodity bundles in the second period that are contingent on the state of nature, and are insufficient in number to span all state contingent claims to value, reg...

We create a formal framework for the design of informative securities in prediction markets. These securities allow a market organizer to infer the likelihood of events of interest as well as if he knew all of the traders’ private signals. We consider the design of markets that are always informative, markets that are informative for a particular signal structure of the participants, and inform...

The current practice in financial engineering, especially in computational finance can profit from the Model-Driven Architecture approach known from software engineering. Many of the current problems in the practical implementation of financial models can be overcome by a domain specific language for finance. This paper proposes ThetaML as such a language and presents examples for its abilities...

In an exchange economy under uncertainty with two periods, one physical good, and finitely many states of the world, we show that for every (complete or incomplete) market span there exists a sequence of securities such that if they are introduced into markets one by one, the prices of any security is not affected by the subsequent introduction of newer securities and they together generate the...

Entrepreneurs who start new firms may choose not-for-profit status as a means of committing to soft incentives. Such incentives protect donors, volunteers, consumers and employees from ex post expropriation of profits by the entrepreneur. We derive conditions under which completely self-interested entrepreneurs opt for not-for-profit status, despite the fact that this status limits their abilit...

We examine the portfolio turnover of mutual funds from 29 countries across the world and for the period 1999 to 2004. Our results indicate that turnover in foreign securities is higher in the countries that are less developed, have less investor protection, have lower information disclosure standard, and are less familiar to the fund managers. The negative relationship between turnover in forei...

extract: although all pregnant women are worry about their fetus, it is more serious in pregnant nurses. we are not talking about hydatidform mole, amniotic fluid embolism, and sheehans syndrome. fortunately these disorders are rare. instead what are serious for a pregnant nurse are infection diseases, radioactive materials, anticancer agents, and other chemicals. meanwhile when a nurse remove ...

OBJECTIVES To understand how caring for grandchildren affects the physical and mental health of grandparents in Taiwan. METHOD Grandparents aged 50 and older from 4 waves of the Taiwan Longitudinal Study on Aging (1993-2003, n = 3,711) were divided into 7 categories based on living arrangement and caregiving history. Generalized estimation equations controlling for sociodemographic characteri...