Equilibrium with Arbitrary Market Structure

Birgit Grodal and Karl Vind

Chapter 11 in Institutions, Equilibria and Efficiency, 2006, pp 211-223 from Springer

Abstract: Summary 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.

Keywords: Incomplete markets; Coordination (search for similar items in EconPapers)
Date: 2006
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Journal Article: Equilibrium with arbitrary market structure (2005)
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DOI: 10.1007/3-540-28161-4_11

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