Huang, Kevin X.D.; Werner, Jan - Department of Economics and Business, Universitat … - 1997
Price bubbles in an Arrow-Debreu valuation equilibrium in infinite-time economy are a manifestation of lack of … countable additivity of valuation of assets. In contrast, known examples of price bubbles in sequential equilibrium in infinite … of assets in sequential markets (with no uncertainty) and study the nature of price bubbles in light of this theory. We …