The Existence of Competitive Equilibria when the Asset Market is Incomplete: A Short Proof and Further Results
AbstractWhen 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.
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Bibliographic InfoPaper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number 261.
Date of creation: Aug 1989
Date of revision:
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