Sequentially complete markets remain incomplete

被引：1
|
作者：
Dreze, Jacques H. [2 ]
Herings, P. Jean-Jacques [1 ]
机构：
[1] Univ Maastricht, Dept Econ, NL-6200 MD Maastricht, Netherlands
[2] CORE, B-1348 Louvain, Belgium
来源：
ECONOMICS LETTERS | 2008年 / 100卷 / 03期
关键词：
sequentially complete markets; rational expectations; time inconsistency;
D O I：
10.1016/j.econlet.2008.03.017
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We show by means of an example that the result of Arrow [Arrow, K.J. (1953), Le role des valeurs boursieres pour la repartition la meilleure des risques, Econometrie, 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. (C) 2008 Elsevier B.V. All rights reserved.
引用
收藏
页码：445 / 447
页数：3
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