Equilibrium pricing and market completion: a counterexample

Elyès Jouini ()

Economics Bulletin, 2020, vol. 40, issue 3, 1963-1969

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.

Keywords: arbitrage pricing; utility pricing; equilibrium pricing; incomplete markets; fictitious completion (search for similar items in EconPapers)
JEL-codes: D5 G1 (search for similar items in EconPapers)
Date: 2020-08-08
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Working Paper: Equilibrium pricing and market completion: a counterexample (2020)
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