The existence and efficiency of general equilibrium with incomplete markets under Knightian uncertainty

被引：2

作者：

Ma, Wei ^{[1
]}

机构：

[1] Univ Pretoria, Dept Econ, ZA-0002 Pretoria, South Africa

来源：

ECONOMICS LETTERS | 2015年 / 134卷

关键词：

Knightian uncertainty; Incomplete markets; General equilibrium; Pareto efficiency;

D O I：

10.1016/j.econlet.2015.06.013

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper first establishes the existence of equilibrium for an economy with Knightian uncertainty and incomplete markets, and then demonstrates the constrained Pareto efficiency of the equilibrium when there is one commodity only in each state of nature. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：78 / 81

页数：4

共 50 条

[21] Uncertainty aversion and equilibrium existence in games with incomplete information
Azrieli, Yaron
Teper, Roee
[J]. GAMES AND ECONOMIC BEHAVIOR, 2011, 73 (02) : 310 - 317
[22] NASH EQUILIBRIUM UNDER KNIGHTIAN UNCERTAINTY - BREAKING DOWN BACKWARD INDUCTION
DOW, J
WERLANG, SRD
[J]. JOURNAL OF ECONOMIC THEORY, 1994, 64 (02) : 305 - 324
[23] Existence of equilibrium and price adjustments in a finance economy with incomplete markets
Talman, AJJ
Thijssen, JJJ
[J]. JOURNAL OF MATHEMATICAL ECONOMICS, 2006, 42 (03) : 255 - 268
[24] On the existence of competitive equilibrium in frictionless and incomplete stochastic asset markets
Robert Jarrow
[J]. Mathematics and Financial Economics, 2017, 11 : 455 - 477
[25] On the existence of competitive equilibrium in frictionless and incomplete stochastic asset markets
Jarrow, Robert
[J]. MATHEMATICS AND FINANCIAL ECONOMICS, 2017, 11 (04) : 455 - 477
[26] Differential topology and general equilibrium with complete and incomplete markets
Allouch, N
[J]. ECONOMIC JOURNAL, 2005, 115 (501): : F144 - U7
[27] Determination of general equilibrium with incomplete markets and default penalties
Zhan, Yang
Dang, Chuangyin
[J]. JOURNAL OF MATHEMATICAL ECONOMICS, 2021, 92 : 49 - 59
[28] EXISTENCE OF GENERAL EQUILIBRIUM FOR STOCHASTIC ECONOMY WITH INFINITE-DIMENSIONAL COMMODITY SPACE AND INCOMPLETE FINANCIAL MARKETS
Zhang Shunming
[J]. Applied Mathematics:A Journal of Chinese Universities, 1999, (02) : 55 - 68
[29] Existence of general equilibrium for stochastic economy with infinite-dimensional commodity space and incomplete financial markets
Shunming Z.
[J]. Applied Mathematics-A Journal of Chinese Universities, 1999, 14 (2) : 177 - 190
[30] Equilibria Under Knightian Price Uncertainty
Beissner, Patrick
Riedel, Frank
[J]. ECONOMETRICA, 2019, 87 (01) : 37 - 64

← 1 2 3 4 5 →