This paper presents an analysis of the structure of competitive equilibrium in a smooth, exchange economy where there are incomplete markets in financial instruments whose overall payoffs (both prices and yields) are fixed in units of account. The main result establishes that such market incompleteness generates a comparable degree of allocation indeterminateness. It is also shown how this real indeterminacy may increase when prices and yields are treated as variables rather than parameters. Copyright 1989 by The Econometric Society.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. 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.
Publisher Info
Article provided by Econometric Society in its journal Econometrica.
Volume (Year): 57 (1989) Issue (Month): 1 (January) Pages: 135-62 Download reference. The following formats are available: HTML
(with abstract),
plain text
(with abstract),
BibTeX,
RIS (EndNote, RefMan, ProCite),
ReDIF
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Related research
Keywords:
Cited by: (explanations, 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.)
Pavlova, Anna & Cass, David, 2002.
"On Trees and Logs,"
Working papers
4233-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
[Downloadable!]
Other versions:
Cass, David & Pavlova, Anna, 2003.
"On Trees And Logs,"
Working papers
4233-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
[Downloadable!]
David Cass & Anna Pavlova, .
"On Trees and Logs,"
CARESS Working Papres
00-01, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
[Downloadable!]
David Cass, 2006.
"Musings on the Cass Trick,"
PIER Working Paper Archive
06-011, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
[Downloadable!]
Other versions:
Did you know? All full texts are decentralized with the publishers, none reside on this server, thus making it possible to offer this service for free to all parties.