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A "folk theorem" originating, among others, in the work of Stiglitz maintains that competitive equilibria area always or "generically" inefficient (unless contr

We analyze a model of informed trading where an activist shareholder accumulates shares in an anonymous market and then expends costly effort to increase the fi

Explores the role of law in nations making the transition to market democracies

Two leading economists develop a theory explaining the demand for and supply of liquid assets. Why do financial institutions, industrial companies, and househol

In recent years certain leading figures in the world of economics have called the usefulness of general equilibrium theory into question. This superb new book b