Equilibrium pricing and market completion: a counterexample

Elyès Jouini ()

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Abstract: In both arbitrage and utility pricing approaches, the fictitious completion appears as a powerful tool that permits to extend complete markets results to an incomplete markets framework. Does this technique permit to characterize the equilibrium pricing interval? This note provides a negative answer.

Date: 2020-08
New Economics Papers: this item is included in nep-upt
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03048797v1
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Published in Economics Bulletin, 2020, 40 (3), pp.1963-1969

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Journal Article: Equilibrium pricing and market completion: a counterexample (2020)
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