Incomplete Markets and Strategic Market Games

April 28-29, 2001

Organizers: Martin Shubik and John Geanakoplos

8:15 Light Breakfast
8:50 Very brief introduction (John Geanakoplos and Martin Shubik)
9:00 Michael Magill, “Demography and the Long-Run Predictability of the Stock Market” (with John Geanakoplos and Martine Quinzii)
  Rohit Rahi, “Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information” (with Piero Gottardi)
  Martine Quinzii, “The Stock Market in the Overlapping Generations Model with Production” (with Michael Magill)
11:00 James Peck, “Equilibrium Bank Runs”
  Massimo Morelli, “Retrading in Market Games” (with Sayantan Ghosal)
  Ross Starr, “Why Is There Money? Endogenous Derivation of ‘Money’ as the Most Liquid Asset: A Class of Examples”
12:30 Buffet Lunch
1:30 Nobuhiro Kiyotaki, “Inside Money, Liquidity and Asset Price”
  Herakles Polemarchakis, “Financial Policy and the Price Level” (with T. Nakajima)
  Piero Gottardi, “When Are Asymmetric Information Economies Walrasian?” (with A. Bisin)
3:30 Lloyd Shapley, “Nonatomic Games in Strategic Form”
  Jean-François Mertens, Comments
  Pradeep Dubey, “Debt Seniority and Insurance Contracts” (with John Geanakoplos)
6:30 Cocktails and Dinner, Mory’s
8:15 Light Breakfast
9:00 William Sudderth, “The Inflationary Bias in a Simple Stochastic Exchange Economy”
  Kai Nagel, “Stability Conditions for a Dynamic Market Simulation Model” (with Martin Shubik)
  Per Bak, “The Dynamics of Money
11:00 John Geanakoplos, “Pareto Improving Taxes”
  Martin Shubik, “Merchant Bankers and the Central Bank”
  Dimitrios Tsomocos, “Equilibrium Analysis, Banking and Financial Instability”
  Nicolae Garleanu, “Valuation in Dynamic Bargaining Markets”
12:30 Buffet Lunch

Conference Frequently Asked Questions

Yale provides visitors two Wi-Fi network options:

  • YaleGuest
  • Eduroam

YaleGuest is a public, insecure wireless network available for anyone’s use, but has limited network access. Due to security reasons, certain programs and functionality may not be accessible via the YaleGuest network, e.g., Dropbox, Skype, and Box.  

If possible, we recommended you use the Eduroam wireless network.  Eduroam (education roaming) is a secure, world-wide roaming access service that allows students, researchers and staff from participating institutions to obtain Internet connectivity across campuses when visiting other participating institutions.

If your institution is a partneraccess the Eduroam network by selecting Eduroam from the Wi-Fi list on your mobile device and sign-in using your home institution’s credentials*. View Eduroam’s complete listing of U.S. participating schools; International visitors can look for institutional listings on this country page.

For additional details, please contact your institution’s IT department or search your institution’s support page.

*Credential format is typically, e.g., or

The conference will be held at the Yale School of Management (SOM), Evans Hall located at 165 Whitney Ave and is about a 20 minute walk from the Blake Hotel. The easiest route to SOM from the Blake Hotel is to go south-east on George Street and turn left on Temple St. Temaple will merge into Whitney Avenue. SOM will be on the right side of the street across from the Peabody Museum (see map below).

The conference will be held at the Yale School of Management (SOM), Evans Hall located at 165 Whitney Ave and is about a 15 minute walk from the Omni Hotel. The easiest route to SOM from the Omni Hotel is to go north on Temple St. which merges into Whitney Avenue. SOM will be on the right side of the street across from the Peabody Museum (see map below).

For travel expense reimbursement for the 2020 Cowles GE Conference, please send the following items by Friday, July 31, 2020.

For travel expense reimbursement for the 2020 Cowles Summer Conferences, please send the following items by Friday, September 11, 2020.


  • Complete the appropriate online conference travel reimbursement form (These online forms allow you to upload any/all relevant forms and receipts which will be bundled together as one document):
  • Please upload any/all receipts for airfare (economy only)/rail and ground transportation. Receipts must be itemized and show proof of payment (i.e., if paid by credit card the receipt should show the last 4 digits of the credit card).

Note, vouchers for previously canceled or unrelated travel cannot be reimbursed if used to pay for any Cowles related travel.





Email or send original receipts, completed travel reimbursement form, and applicable international forms to:

Darlene Smith
Event & Visitor Assistant Administrator
Cowles Foundation at Yale University
30 Hillhouse Avenue
P.O. Box 208281
New Haven, CT 06520

Email questions to Darlene Smith


The conference sessions are held on the second floor in Evans Hall at the Yale School of Management. Restrooms can be found on the perimeter of the building along the sides and back of the building.

Click to enlarge

The Cowles Foundation is located in the heart of Yale’s campus at 30 Hillhouse Avenue.  Use the Yale online campus map to help find your way around.

If you need assistance with an Omni Hotel room reservation, please contact Alyson Perri, Convention Services Manager, Omni Hotels.

In cases of emergency, contact the appropriate department listed below:

You can also report a crime or send an anonymous text tip through our Bulldog Mobile (LiveSafe) app. (To register for Bulldog Mobile please visit the Yale LiveSafe page)

For addtional emergency information, visit the Yale Emergency Management website.

Yes, a shuttle bus will be arranged to drive between the hotel and conference location. Typically, an announcement will be sent out from Darlene Smith the day before with additional information.