EconPapers    
Economics at your fingertips  
 

Sequentially complete markets remain incomplete

Jacques Dreze and P. Jean-Jacques Herings ()

No 2003085, CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: We reconsider the well-known result of Arrow (1953) that the set of equilibria of an economy with complete markets coincides with the one of an economy with sequentially complete markets. We show by means of two examples that this result is problematic when there exist multiple equilibrium continuations to the initial-period component of an intertemporal equilibrium. Some consequences are drawn.

Keywords: sequentially complete markets; rational expectations; time inconsistency (search for similar items in EconPapers)
JEL-codes: D52 D61 (search for similar items in EconPapers)
Date: 2003-11
References: Add references at CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed

Downloads: (external link)
https://uclouvain.be/en/research-institutes/immaq/core/dp-2003.html (text/html)
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
Working Paper: Sequentially complete markets remain incomplete (2009) Downloads
Journal Article: Sequentially complete markets remain incomplete (2008) Downloads
Working Paper: Sequentially complete Markets Remain Incomplete (2003) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cor:louvco:2003085

Access Statistics for this paper

More papers in CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) Voie du Roman Pays 34, 1348 Louvain-la-Neuve (Belgium). Contact information at EDIRC.
Bibliographic data for series maintained by Alain GILLIS ().

 
Page updated 2019-10-15
Handle: RePEc:cor:louvco:2003085