Complete Markets of Arrow and Debreu and the Dynamic Disequilibrium (English)
AbstractThis 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 InfoIf 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.
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 InfoArticle provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.
Volume (Year): (2012)
Issue (Month): 2 ()
Find related papers by JEL classification:
- A10 - General Economics and Teaching - - General Economics - - - General
- B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
- C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
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.:
- Richard Harris, 1976.
"Ex Post Efficiency and Resource Allocation Under Uncertainty,"
224, Queen's University, Department of Economics.
- 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.
- Nagatani, Keizo, 1975. "On a Theorem of Arrow," Review of Economic Studies, Wiley Blackwell, vol. 42(3), pages 483-85, July.
- R. Aumann, 2010.
"Correlated Equilibrium as an expression of Bayesian Rationality,"
513, UCLA Department of Economics.
- Aumann, Robert J, 1987. "Correlated Equilibrium as an Expression of Bayesian Rationality," Econometrica, Econometric Society, vol. 55(1), pages 1-18, January.
- Robert J. Aumann, 2010. "Correlated Equilibrium as an expression of Bayesian Rationality," Levine's Working Paper Archive 661465000000000377, David K. Levine.
- Radner, Roy, 1979. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Econometrica, Econometric Society, vol. 47(3), pages 655-78, May.
- 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.
- 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.
- Arrow, Kenneth J, 1975. "On a Theorem of Arrow: Comment," Review of Economic Studies, Wiley Blackwell, vol. 42(3), pages 487-88, July.
- Starr, Ross M, 1973. "Optimal Production and Allocation under Uncertainty," The Quarterly Journal of Economics, MIT Press, vol. 87(1), pages 81-95, February.
- Stephen W. Salant, 1976.
"Hirshleifer on speculation,"
International Finance Discussion Papers
75, Board of Governors of the Federal Reserve System (U.S.).
- Feiger, George, 1976. "What Is Speculation?," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 677-87, November.
- Radner, Roy, 1970. "Problems in the Theory of Markets under Uncertainty," American Economic Review, American Economic Association, vol. 60(2), pages 454-60, May.
- 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.
- Stiglitz, Joseph E, 1982. "The Inefficiency of the Stock Market Equilibrium," Review of Economic Studies, Wiley Blackwell, vol. 49(2), pages 241-61, April.
- 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.
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.