Grodal, Birgit; Vind, Karl - In: Economic Theory 25 (2005) 1, pp. 123-134
Fifty years ago Arrow [1] introduced contingent commodities and Debreu [4] observed that this reinterpretation of a commodity was enough to apply the existing general equilibrium theory to uncertainty and time. This interpretation of general equilibrium theory is the Arrow-Debreu model. The...