… (1980) for pointing out the similarity between de Tocqueville and the conclusion we reached
in an earlier version and in Meltzer and Richard (1978). De Tocqueville's distribution of …

… 8 In an earlier version of this paper (Hansen and Richard (1984)) we have an example with
an infinite number of consumers where the endowments satisfy a conditional factor structure. …

A continuous time model for optimal consumption, portfolio and life insurance rules, for an
investor with an arbitrary but known distribution of lifetime, is derived as a generalization of the …

… In recent work (Meltzer and Richard, 1981), we develop a general equilibrium model in which
people choose consumption and leisure and, as voters, decide on income redistribution or …

This paper concerns utility functions for more than one attribute. A new type of risk aversion
found only in muitivariate utility functions is defined. Certain behavioral assumptions, which …

A formula for the price of default-free discount bonds of all maturities is found using a Black-
Scholes type of arbitrage model which is based on the assumption that a portfolio of three …

We formulate a continuous-time, infinite-horizon, discounted-cost cash management model
with both fixed and proportional transactions costs and with linear holding and penalty costs. …

To assess the relative value of mortgage-backed securities (MBS) and their derivatives, it is
essential to predict mortgage prepayments accurately. A prepayment model is derived that …

… SF Richard et al., Models of forward and futures prices … SF Richard et al., Models of
forward and futures prices … SF Richard et al., Models of forward and futures prices …

… If it is true that capitalism will be brought to an end by its successes, its breakdown and the
consequent growth of government should be faster in rich nations than in poor. But this clearly …