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The concept of general economic equilibrium of sequential structures of economic system involves development of the general economic equilibrium model that includes the structure of asset markets. The assets are instruments of income redistribution through the different states of nature of economic system. General economic equilibrium model with the asset markets should provide, on the one hand, an explanation of the relative prices of commodities and, on the other hand, the possibility of analyzing income transfers through the different states of nature and the process of asset prices formation. After defining the appropriate general economic equilibrium model which involves asset markets in the absence of arbitrage process, further analysis is focused on the examination of Pareto optimality of economic system. The existence of imperfect market conditions in the form of incomplete asset markets reduces possibility of income transfers through the different states of nature of economic system, which results that equilibrium allocation is not Pareto optimal allocation. Therefore, in this paper focus is on a constrained form of Pareto optimality in a sequential model of economic system.

This paper deals with application of game theory model to insur- ance market. We observed a form of mutual insurance in conditions of full and partial information obtained by insurance buyers. First part of the paper defines the model of non-cooperative game, fol- lowed by principles of optimality, types of stability and equilibrium. Here, model of non-cooperative game has been analyzed under the assumption that players are fully informed. Situation where players are only partially informed requires model which takes into account decision process and analysis of every player's actions. This analy- sis requires that hierarchical structure among players need to be established. Model of conflict situation, with established hierar- chical structure with informational reflexivity, represent the model of reflexive game. We define that reflexive game model, followed by required conditions for which some strategy is informational equilib- rium strategy. We then proceed to perform analysis of game theo- retic application to mutual insurance model, with hierarchical struc- ture in agent positioning, in conditions of both full and partial infor- mation obtained by the player, with the goal of finding equilibrium strategies.

The model of the economic system which is discussed in this paper is based on the assumption of the existence of the heterogeneous structure of economic agents. During this assumption, we analyze the general economic equilibrium model with incomplete asset market, the existence of monetary equilibrium and the emergence of financial instability of the economic system, as well as actions that are necessary for overcoming economic instability. The private sector is observed as a set of participants who have different utility functions. Also, it is assumed that there are more commercial banks, where each bank has their own portfolios, which reflect the different preferences the risk / profit. In the market conditions, each bank analyzes the credit worthiness of each borrower, and on the other side each borrower faces different credit markets. Therefore, in this paper, instead of the only market for deposits/loans, development of model will be conducted by analyzing more than one market for deposits and more than one market for loans. The private sector and commercial banks maximize their utility functions, while the role of the Central Bank and the public sector is exogenously given. Further, in the model, we look at money as the conditioned medium of exchange, whereby the Central Bank and the government have a monopoly on the issue of controlled money as a widely accepted method of payment. Also, depending on what is the function of money in the markets funds, we observe the same physical structure as endogenous or exogenous size.

In this paper we analyse models of general economic equilibrium that are based on already defined mathematical relations of Arrow-Debreu model of general equilibrium that try to make that model more realistic. In other words, we will give review of two models in which basic Arrow-Debreu model of general equilibrium is extended in way to include time and uncertainty dimensions as a possible natural state of economic system.