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Sequentially complete Markets Remain Incomplete

Drèze Jacques H. and P. Jean-Jacques Herings ()
Authors registered in the RePEc Author Service: Jacques H. Dreze

No 58, Research Memorandum from Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR)

Abstract: We consider 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 results is problematic when there exist multiple equilibrium continuations to the initial-period component of an intertemporal equilibrium. Some consequences are drawn.

Keywords: microeconomics (search for similar items in EconPapers)
Date: 2003
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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
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