Crès, Hervé; Markeprand, Tobias; Tvede, Mich - Økonomisk Institut, Københavns Universitet - 2009
A dynamic pure-exchange general equilibrium model with uncertainty is studied. Fundamentals are supposed to depend continuously on states of nature. It is shown that: 1. if financial markets are complete, then asset prices vary continuously with states of nature, and; 2. if financial markets are...
