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

Wei Ma

Economics Letters, 2015, vol. 134, issue C, 78-81

Abstract: 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.

Keywords: Knightian uncertainty; Incomplete markets; General equilibrium; Pareto efficiency (search for similar items in EconPapers)
JEL-codes: D52 D81 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:134:y:2015:i:c:p:78-81

DOI: 10.1016/j.econlet.2015.06.013

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