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Complete Markets of Arrow and Debreu and the Dynamic Disequilibrium (English)

  • Yuli Radev
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    This 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.

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    Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

    Volume (Year): (2012)
    Issue (Month): 2 ()
    Pages: 57-75

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    Handle: RePEc:bas:econth:y:2012:i:2:p:57-75
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    1. R. Aumann, 2010. "Correlated Equilibrium as an expression of Bayesian Rationality," Levine's Bibliography 513, UCLA Department of Economics.
    2. Richard Harris, 1976. "Ex Post Efficiency and Resource Allocation Under Uncertainty," Working Papers 224, Queen's University, Department of Economics.
    3. Arrow, Kenneth J, 1975. "On a Theorem of Arrow: Comment," Review of Economic Studies, Wiley Blackwell, vol. 42(3), pages 487-88, July.
    4. Dostaler, Gilles, 1990. "An Assessment of Gunnar Myrdal's Early Work in Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 12(02), pages 196-221, September.
    5. Stiglitz, Joseph E, 1982. "The Inefficiency of the Stock Market Equilibrium," Review of Economic Studies, Wiley Blackwell, vol. 49(2), pages 241-61, April.
    6. 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.
    7. Radner, Roy, 1970. "Problems in the Theory of Markets under Uncertainty," American Economic Review, American Economic Association, vol. 60(2), pages 454-60, May.
    8. repec:tpr:qjecon:v:97:y:1982:i:1:p:171-79 is not listed on IDEAS
    9. 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.
    10. repec:tpr:qjecon:v:90:y:1976:i:4:p:667-75 is not listed on IDEAS
    11. repec:tpr:qjecon:v:90:y:1976:i:4:p:677-87 is not listed on IDEAS
    12. 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.
    13. repec:tpr:qjecon:v:87:y:1973:i:1:p:81-95 is not listed on IDEAS
    14. Stephen W. Salant, 1976. "Hirshleifer on speculation," International Finance Discussion Papers 75, Board of Governors of the Federal Reserve System (U.S.).
    15. Radner, Roy, 1979. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Econometrica, Econometric Society, vol. 47(3), pages 655-78, May.
    16. Nagatani, Keizo, 1975. "On a Theorem of Arrow," Review of Economic Studies, Wiley Blackwell, vol. 42(3), pages 483-85, July.
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