Advanced Search
MyIDEAS: Login to save this article or follow this journal

Complete Markets of Arrow and Debreu and the Dynamic Disequilibrium (Bulgarian)


Author Info

  • Yuli Radev
Registered author(s):


    This article discusses the two main models of complete markets, the criticism to them that form the early Arrow-Debreu theory, as well as the supplements and the shortcomings of the so-called revised version of the theory. We underline the most important consequences from this theory and present generalized comments.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL:
    Download Restriction: Fee access

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Bibliographic Info

    Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

    Volume (Year): (2012)
    Issue (Month): 2 ()
    Pages: 35-56

    as in new window
    Handle: RePEc:bas:econth:y:2012:i:2:p:35-56

    Contact details of provider:
    Postal: 3, Aksakov Str., 1040, Sofia
    Phone: (+359 2) 810 40 18
    Fax: (+359 2) 988 21 08
    Web page:
    More information through EDIRC

    Related research


    Find related papers by JEL classification:


    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Starrett, David A, 1973. "Inefficiency and the Demand for "Money" in a Sequence Economy," Review of Economic Studies, Wiley Blackwell, vol. 40(4), pages 437-48, October.
    2. Stephen W. Salant, 1976. "Hirshleifer on speculation," International Finance Discussion Papers 75, Board of Governors of the Federal Reserve System (U.S.).
    3. Aumann, Robert J, 1987. "Correlated Equilibrium as an Expression of Bayesian Rationality," Econometrica, Econometric Society, vol. 55(1), pages 1-18, January.
    4. Harris, Richard G, 1978. "Ex-Post Efficiency and Resource Allocation under Uncertainty," Review of Economic Studies, Wiley Blackwell, vol. 45(3), pages 427-36, October.
    5. Stiglitz, Joseph E, 1982. "The Inefficiency of the Stock Market Equilibrium," Review of Economic Studies, Wiley Blackwell, vol. 49(2), pages 241-61, April.
    6. Starr, Ross M, 1973. "Optimal Production and Allocation under Uncertainty," The Quarterly Journal of Economics, MIT Press, vol. 87(1), pages 81-95, February.
    7. Radner, Roy, 1970. "Problems in the Theory of Markets under Uncertainty," American Economic Review, American Economic Association, vol. 60(2), pages 454-60, May.
    8. Radner, Roy, 1972. "Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets," Econometrica, Econometric Society, vol. 40(2), pages 289-303, March.
    9. Feiger, George, 1976. "What Is Speculation?," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 677-87, November.
    10. Loong, Lee Hsien & Zeckhauser, Richard, 1982. "Pecuniary Externalities Do Matter When Contingent Claims Markets Are Incomplete," The Quarterly Journal of Economics, MIT Press, vol. 97(1), pages 171-79, February.
    11. Arrow, Kenneth J, 1975. "On a Theorem of Arrow: Comment," Review of Economic Studies, Wiley Blackwell, vol. 42(3), pages 487-88, July.
    12. Radner, Roy, 1979. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Econometrica, Econometric Society, vol. 47(3), pages 655-78, May.
    13. Nagatani, Keizo, 1975. "On a Theorem of Arrow," Review of Economic Studies, Wiley Blackwell, vol. 42(3), pages 483-85, July.
    14. Coutinho, Paulo C, 1986. "Non-optimality of Rational Expectations Equilibrium: The Complete Markets Case," Review of Economic Studies, Wiley Blackwell, vol. 53(5), pages 883-84, October.
    Full references (including those not matched with items on IDEAS)



    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


    Access and download statistics


    When requesting a correction, please mention this item's handle: RePEc:bas:econth:y:2012:i:2:p:35-56. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Vassil Zahariev).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.