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The Case for Incomplete Markets

Viktor Tsyrennikov (), Timothy Cogley (), Thomas Sargent (), David Easley and Lawrence Blume ()

No 1098, 2014 Meeting Papers from Society for Economic Dynamics

Abstract: We propose a new welfare criterion that allows us to rank different financial market structures in the presence of belief heterogeneity. We analyze economies with complete and incomplete financial markets and/or restricted trading possibilities in the form of borrowing limits or transaction costs. We describe circumstances under which some restrictions on financial markets are desirable according to our welfare criterion.

Date: 2014
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Journal Article: A case for incomplete markets (2018) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed014:1098

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