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The perfect foresights' assumption revisited : (I) the existence of equilibrium with multiple price expectations.
Boisdeffre, Lionel de - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2007
Our earlier papers [2,3,4,5,6] had extended to asymmetric information the classical existence theorems of general … existence of such equilibrium is still characterized by the no-arbitrage condition of finance. This result, which extends our … earlier theorems, shows that private information and uncertain anticipations would not affect existence but the value of …
Persistent link: https://www.econbiz.de/10005670877
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If You're So Smart, Why Aren't You Rich? Belief Selection in Complete and Incomplete Markets
Blume, Larry; Easley, David - Cowles Foundation for Research in Economics, Yale University - 2001
This paper provides an analysis of the asymptotic properties of consumption allocations in a stochastic general equilibrium model with heterogeneous consumers. In particular we investigate the market selection hypothesis, that markets favor traders with more accurate beliefs. We show that in any...
Persistent link: https://www.econbiz.de/10005762721
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Trading Volumes in Dynamically Efficient Markets
Berrada, Tony; Hugonnier, Julien; Rindisbacher, Marcel - Swiss Finance Institute - 2005
The classic Lucas asset pricing model with complete markets stresses aggregate risk and, hence, fails to investigate the impact of agents heterogeneity on the dynamics of the equilibrium quantities and measures of trading volume. In this paper, we investigate under what conditions...
Persistent link: https://www.econbiz.de/10005771771
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Stock prices, anticipations and investment in general equilibrium
DREZE, Jacques H.; LACHIRI, Oussama; MINELLI, Enrico - Center for Operations Research and Econometrics (CORE), … - 2009
shareholders. If no restrictions are placed on individual price theories, the existence of equilibria may require financial …
Persistent link: https://www.econbiz.de/10008550184
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The perfect foresights' assumption revisited : the existence of equilibrium with multiple price expectations.
Boisdeffre, Lionel De - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2008
Our earlier papers had extend to asymmetric information the classical existence theorems of general equilibrium theory … equilibrium prices belong to all agents expectations sets. We prove that the existence of a CFE is still characterized by the no … not affect the existence but only the value of equilibrium prices and allocations. …
Persistent link: https://www.econbiz.de/10004988946
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The perfect foresight assumption revisited : the existence of sequential equilibrium with price uncertainty.
Boisdeffre, Lionel De - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2008
Our earlier papers had extended to asymmetric information some classical existence theorems of general equilibrium … clear on all markets ex post. In an earlier model with finitely many expectations, we showed the existence of this so …
Persistent link: https://www.econbiz.de/10004988959
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Computing Equilibria in Finance Economies
Herings, P.J.J.; Kubler, F. - EconWPA - 2001
Persistent link: https://www.econbiz.de/10005125623
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Voting in assemblies of shareholders and incomplete markets
CRES, Herve; TVEDE, Mich - HEC Paris (École des Hautes Études Commerciales) - 2001
An economy with two dates is considered, on state at the first date and a finite number of states at the last date. Shareholders determine production plans b voting -one share, one vote- and at r-majority stable equilibria, alternative production plans are supported by at most rx100 percent of...
Persistent link: https://www.econbiz.de/10005011615
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Production in General Equilibrium with Incomplete Markets
Stiefenhofer, Pascal - Department of Economics and Related Studies, University … - 2009
Short and long run production is introduced in a two period general equilibrium model with incomplete markets, where firms are profit maximizers. They maximize profits in the long run, which implies profit maximization over both periods. The sequential structure of the model is such that, firms...
Persistent link: https://www.econbiz.de/10005042044
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Constrained inefficiency in GEI: a geometric argument
Tirelli, Mario - Dipartimento di Economia, Università degli Studi di Roma 3 - 2008
In this paper we use global analysis to study the welfare properties of general equilibrium economies with incomplete markets (GEI). Our main result is to show that constrained Pareto optimal equilibria are contained in a submanifold of the equilibrium set. This result is explicitly derived for...
Persistent link: https://www.econbiz.de/10005449333