Sequentially complete markets remain incomplete
We show by means of an example that the result of Arrow [Arrow, K.J. (1953), Le rôle des valeurs boursières pour la répartition la meilleure des risques, Econométrie, 41-47, CNRS, Paris; translated as The role of securities in the optimal allocation of risk bearing, Review of Economic Studies, 31, 91-96] is problematic when there exist multiple equilibrium continuations to the initial-period component of an intertemporal equilibrium.
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