Incentive Pay that Causes Inefficient Managerial Replacement
M. Sato, K. Kamiya, Michihiro Kandori et al.
· 0 citations
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Open access
Jul 2026
A multi-agent equilibrium model in an incomplete market with discrete dividends: Applications to long-term discount curves
This paper develops a multi-agent equilibrium model in an incomplete market setting. The model incorporates dividend-paying securities whose dividend processes are interpreted as flows of consumption goods and can be driven by exogenously given factor processes. We consider an optimal consumption and portfolio problem...
Taiga Saito, Akihiko Takahashi
· PLoS ONE · 0 citations