Two-period economies with private state verification

Private state verification is introduced in a two-period economy with spot markets in both periods and complete futures markets for contingent delivery in the second period. Existence of equilibrium is established, under standard assumptions. An example is presented in which a complete set of contingent markets allows agents to arrive at the optimal allocation of risk-bearing, while securities are not sufficient.

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Year of publication:	2010-05
Authors:	Correia-da-Silva, Joao ; Herves-Beloso, Carlos
Institutions:	Faculdade de Economia, Universidade do Porto
Subject:	General equilibrium \| Asymmetric information \| Private state verification \| Two-period economies

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Extent:	application/pdf
Series:	FEP Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	22 pages
Classification:	C62 - Existence and Stability Conditions of Equilibrium ; C72 - Noncooperative Games ; D51 - Exchange and Production Economies ; D82 - Asymmetric and Private Information
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008515760