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general equilibrium with incomplete markets


  • Michael Magill
  • Martine Quinzii


An account is given of the principal concepts and results of general equilibrium with incomplete financial markets over a finite horizon, focusing on the generic existence, suboptimality and determinacy of equilibrium. Many results depend on the nature of the financial securities, whether they are real or nominal, nominal securities leading to the analysis of a class of monetary equilibrium models.

Suggested Citation

  • Michael Magill & Martine Quinzii, 2010. "general equilibrium with incomplete markets," The New Palgrave Dictionary of Economics, Palgrave Macmillan.
  • Handle: RePEc:pal:dofeco:v:4:year:2010:doi:1909

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    References listed on IDEAS

    1. Steven Brams & Peter Fishburn, 2005. "Going from theory to practice: the mixed success of approval voting," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 25(2), pages 457-474, December.
    2. Jean-Fran├žois Laslier & Karine Straeten, 2008. "A live experiment on approval voting," Experimental Economics, Springer;Economic Science Association, vol. 11(1), pages 97-105, March.
    3. repec:cup:apsrev:v:87:y:1993:i:01:p:102-114_09 is not listed on IDEAS
    4. Donald Saari & Jill Newenhizen, 1988. "The problem of indeterminacy in approval, multiple, and truncated voting systems," Public Choice, Springer, vol. 59(2), pages 101-120, November.
    5. repec:cup:apsrev:v:72:y:1978:i:03:p:831-847_15 is not listed on IDEAS
    6. repec:cup:apsrev:v:78:y:1984:i:04:p:952-958_25 is not listed on IDEAS
    7. Fishburn, Peter C., 1978. "Axioms for approval voting: Direct proof," Journal of Economic Theory, Elsevier, vol. 19(1), pages 180-185, October.
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    Cited by:

    1. Tirelli, Mario, 2008. "Constrained inefficiency in GEI: A geometric argument," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1197-1214, December.

    More about this item


    Arrow; K.; determinacy of equilibrium; general equilibrium; incomplete financial markets; spot-financial market equilibrium;

    JEL classification:

    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates


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