Sequentially Complete Markets Remain Incomplete

We reconsider the well-known result of Arrow (1953) that the set of equilibria of an economy with complete markets coincides with the one of an economy with sequentially complete markets. We show by means of two examples that this result is problematic when there exist multiple equilibrium continuations to the initial-period component of an intertemporal equilibrium. Some consequences are drawn

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Year of publication:	2004
Authors:	Dreze, Jacques H. ; Herings, P. Jean-Jacques
Publisher:	[S.l.] : SSRN
Subject:	Marktmechanismus \| Market mechanism \| Theorie \| Theory \| Unvollkommener Markt \| Incomplete market \| Rationale Erwartung \| Rational expectations \| Allokationseffizienz \| Allocative efficiency \| Zeitkonsistenz \| Time consistency

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Extent:	1 Online-Ressource (15 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 11, 2003 erstellt
Other identifiers:	10.2139/ssrn.504963 [DOI]
Classification:	D52 - Incomplete Markets ; D61 - Allocative Efficiency; Cost-Benefit Analysis
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014029533