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We examine the impact of incomplete risk-sharing on growth and welfare. The source of
market incompleteness in our economy is private information: a household's idiosyncratic …

In an equilibrium model of the labor market, workers and firms enter into dynamic contracts
that can potentially last forever, but are subject to optimal terminations. Upon termination, the …

We construct a general equilibrium model with private information in which borrowers and
lenders enter into long-term dynamic credit relationships. Each new generation of ex ante …

We consider a random matching model where agents have complete access to each others'
histories. Exchange is motivated by risk sharing, given random unobservable incomes …

We analyze the phenomenon of gradual increase of stakes in bilateral social interactions in
the context of a repeated game with two-sided incomplete information. The underlying stage …

Abstract This study uses John Rawls' behind-the-veil of ignorance device as a fairness
criterion to evaluate social policies and applies it to a contracting model in which the terms …

In his seminal paper of 1928, Ramsey conjectured that if agents discounted the future
differently, in the long run all agents except the most patient would live at the subsistence …

This paper provides a general methodology for introducing capital accumulation into
economies with private information and heterogeneous agents. The agents operate a …

This paper examines the implications of incomplete risk-sharing for endogenous growth and
welfare in a monetary economy. The market incompleteness comes from private information …