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When the asset market is incomplete, and assets are traded at an initial contracting period, competitive equilibria may fail to exist. This may occur in a robust economy with asset payoffs denominated in a numeraire commodity. Restrictions on the asset structure guarantee the existence of...
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When assets are nominal, non-informative rational expectations equilibria exist. The Geneva Papers on Risk and Insurance Theory (1990) 15, 73–79. doi:10.1007/BF01498461
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