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

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  • Yuli Radev
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    Abstract

    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.

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    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

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    Handle: RePEc:bas:econth:y:2012:i:2:p:35-56

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    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.
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