Valuing Exhaustible Resource Ownership: General Equilibrium Assets-Markets versus Partial Equilibrium

Equilibrium on International Assets and Goods Markets

Most of the international asset pricing models are developed in the second situation where purchasing power parity (PPP) is not respected.Investors of different countries do not agree on expected security returns. However, in this case, an equilibrium on the international assets market may exist but not on the international goods market. Our purpose in this paper is to give conditions under whi...

Valuing Nature in a General Equilibrium

General equilibrium of financial markets

The purpose of this paper is to explain the role of financial assets in allowing individual agents of an economy to make at time 0 some limited commitments into the future which, at some extent, redistribute their revenue among several time periods and different states of the world. It is done studying in different contexts the general equilibrium of a simple two-period exchange model, under we...

Uncertainty and Exhaustible Resource Markets

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General Equilibrium, Incomplete Markets and Macroeconomics