The Existence of Competitive Equilibria when the Asset Market is Incomplete: A Short Proof and Further Results
Abstract
When the asset market is incomplete, and assets are traded at an initial contracting period, competitive equilibria may fail to exist. This may occur in a robust economy with asset payoffs denominated in a numeraire commodity. Restrictions on the asset structure guarantee the existence of competitive equilibria; consumption during the contracting period can be interpreted as such a restriction. When asset payoffs are denominated in multiple commodities, competitive equilibria exist generically.Download Info
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Bibliographic Info
Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 261.Length:
Date of creation: Aug 1989
Date of revision:
Handle: RePEc:bon:bonsfa:261
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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
Web page: http://www.bgse.uni-bonn.de/index.php?id=517
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