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When assets are nominal, noninformative rational expectations equilibria exist.
Persistent link: https://www.econbiz.de/10005032088
We consider observable restrictions on asset prices in an exchange economy with general preferences and endowments and an asset structure that may be incomplete. - Asset prices satisfy the martingale property with respect to a class of probability measures; however, generically, not with respect...
Persistent link: https://www.econbiz.de/10005032116