POLEMARCHAKIS, Héraclès M.; VENTURA, Luigi - In: Annales d'Economie et de Statistique (2001) 62, pp. 175-191
When the asset market is incomplete extrinsic risk is effective at competitive equilibrium allocations; this is the case whether commodities are exchanged indirectly, through the exchange of assets, or whether assets serve to transfer revenue and commodities are exchanged in spot markets....