Equilibrium with arbitrary market structure

Birgit Grodal and Karl Vind

Economic Theory, 2005, vol. 25, issue 1, 123-134

Abstract: Fifty years ago Arrow [1] introduced contingent commodities and Debreu [4] observed that this reinterpretation of a commodity was enough to apply the existing general equilibrium theory to uncertainty and time. This interpretation of general equilibrium theory is the Arrow-Debreu model. The complete market predicted by this theory is clearly unrealistic, and Radner [10] formulated and proved existence of equilibrium in a multiperiod model with incomplete markets. In this paper the Radner result is extended. Radner assumed a specific structure of markets, independence of preferences, indifference of preferences, and total and transitive preferences. All of these assumptions are dropped here. We - like Radner - keep assumptions implying compactness. Copyright Springer-Verlag Berlin/Heidelberg 2005

Keywords: Incomplete markets; Coordination. (search for similar items in EconPapers)
Date: 2005
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Working Paper: Equilibria with Arbitrary Market Structure (2003)
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DOI: 10.1007/s00199-004-0515-3

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