Failure of the index theorem in an incomplete market economy
Recently, it was proved that the index of an economy with incomplete real asset markets is typically +1 when the degree of incompleteness, which is defined as the difference between the number of states and the number of securities, is an even number. This paper considers the case where the degree of incompleteness is an odd number and proves that any odd number can be realized as the index of such an economy.
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Volume (Year): 48 (2012)
Issue (Month): 6 ()
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References listed on IDEAS
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- Momi, Takeshi, 2003. "The index theorem for a GEI economy when the degree of incompleteness is even," Journal of Mathematical Economics, Elsevier, vol. 39(3-4), pages 273-297, June.
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Cowles Foundation Discussion Papers
642, Cowles Foundation for Research in Economics, Yale University.
- repec:dau:papers:123456789/6111 is not listed on IDEAS
- repec:hal:journl:halshs-00287677 is not listed on IDEAS
- Momi, Takeshi, 2010. "Excess demand function around critical prices in incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 46(3), pages 293-302, May.
- Bottazzi, Jean-Marc & Hens, Thorsten, 1996. "Excess Demand Functions and Incomplete Markets," Journal of Economic Theory, Elsevier, vol. 68(1), pages 49-63, January.
- Philippe Bich, 2006. "On the orientability of the asset equilibrium manifold," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00287677, HAL.
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