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Prices, Asset Markets and Indeterminacy

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Author Info
Heracles M. Polemarchakis (CORE, Universite Catholique de Louvain)
P. Siconolfi (Columbia University)
Abstract

Competitive equilibrium allocations are indeterminate when the net trades in commodities are constrained, while the asset market is incomplete.

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File URL: http://cowles.econ.yale.edu/P/cd/d11a/d1136.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1136.

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Length: 18 pages
Date of creation: Nov 1996
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Handle: RePEc:cwl:cwldpp:1136

Note: CFP 970.
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Related research
Keywords: Incomplete asset market; trading constraints; indeterminacy;

Find related papers by JEL classification:
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets

References listed on IDEAS
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  1. Geanakoplos, John & Mas-Colell, Andreu, 1989. "Real indeterminacy with financial assets," Journal of Economic Theory, Elsevier, vol. 47(1), pages 22-38, February. [Downloadable!] (restricted)
  2. Mas-Colell, Andreu, 1991. "Indeterminacy in Incomplete Market Economies," Economic Theory, Springer, vol. 1(1), pages 45-61, January.
  3. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-92, May. [Downloadable!] (restricted)
  4. Balasko, Yves & Cass, David & Siconolfi, Paolo, 1990. "The structure of financial equilibrium with exogenous yields : The case of restricted participation," Journal of Mathematical Economics, Elsevier, vol. 19(1-2), pages 195-216. [Downloadable!] (restricted)
  5. Polemarchakis, H. M., 1988. "Portfolio choice, exchange rates, and indeterminacy," Journal of Economic Theory, Elsevier, vol. 46(2), pages 414-421, December. [Downloadable!] (restricted)
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