Sequentially Complete Markets Remain Incomplete

J. Drèze; P.J.J. Herings

doi:10.1016/j.econlet.2008.03.017

Sequentially Complete Markets Remain Incomplete

J. Drèze, P.J.J. Herings^*

^*Corresponding author for this work

Microeconomics & Public Economics

Research output: Contribution to journal › Article › Academic › peer-review

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Abstract

We show by means of an example that the result of arrow [arrow, k.j. (1953), le rôle des valeurs boursières pour la répartition la meilleure des risques, econométrie, 41–47, cnrs, paris; translated as the role of securities in the optimal allocation of risk bearing, review of economic studies, 31, 91–96] is problematic when there exist multiple equilibrium continuations to the initial-period component of an intertemporal equilibrium.

Original language	English
Pages (from-to)	445-447
Number of pages	2
Journal	Economics Letters
Volume	100
DOIs	https://doi.org/10.1016/j.econlet.2008.03.017
Publication status	Published - 1 Jan 2008

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10.1016/j.econlet.2008.03.017

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abstract = "We show by means of an example that the result of arrow [arrow, k.j. (1953), le r{\^o}le des valeurs boursi{\`e}res pour la r{\'e}partition la meilleure des risques, econom{\'e}trie, 41–47, cnrs, paris; translated as the role of securities in the optimal allocation of risk bearing, review of economic studies, 31, 91–96] is problematic when there exist multiple equilibrium continuations to the initial-period component of an intertemporal equilibrium.",

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AB - We show by means of an example that the result of arrow [arrow, k.j. (1953), le rôle des valeurs boursières pour la répartition la meilleure des risques, econométrie, 41–47, cnrs, paris; translated as the role of securities in the optimal allocation of risk bearing, review of economic studies, 31, 91–96] is problematic when there exist multiple equilibrium continuations to the initial-period component of an intertemporal equilibrium.

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DO - 10.1016/j.econlet.2008.03.017

M3 - Article

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VL - 100

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JO - Economics Letters

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Sequentially Complete Markets Remain Incomplete

Abstract

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