In an economy with a non-atomic measure space of assets and exchangeable risks, the Arbitrage pricing Theory (APT) holds exactly; and factors are structurally specified, which allows for an economic interpretation.

Asymmetric information concerns either commodities or mutually exclusive states of the world. The notion of competitive equilibrium differs between the two cases. In particular, incentive compatibility constraints are only relevant in the case of asymmetric information concerning mutually...

Individuals exchange contracts for the delivery of commodities in competitive markets and, simultaneously, act strategically; actions affect utilities across individuals directly or through the payoffs of contracts. This encompasses economies with asymmetric information, Nash-Walras equilibria...