Equilibrium with arbitrary market structure

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Standard

Equilibrium with arbitrary market structure. / Grodal, Birgit; Vind, Karl.

I: Economic Theory, Bind 25, Nr. 1, 2005, s. 123-134.

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt

Harvard

Grodal, B & Vind, K 2005, 'Equilibrium with arbitrary market structure', Economic Theory, bind 25, nr. 1, s. 123-134. https://doi.org/10.1007/s00199-004-0515-3

APA

Grodal, B., & Vind, K. (2005). Equilibrium with arbitrary market structure. Economic Theory, 25(1), 123-134. https://doi.org/10.1007/s00199-004-0515-3

Vancouver

Grodal B, Vind K. Equilibrium with arbitrary market structure. Economic Theory. 2005;25(1):123-134. https://doi.org/10.1007/s00199-004-0515-3

Author

Grodal, Birgit ; Vind, Karl. / Equilibrium with arbitrary market structure. I: Economic Theory. 2005 ; Bind 25, Nr. 1. s. 123-134.

Bibtex

@article{6f9c58f0a6f411dbbee902004c4f4f50,
title = "Equilibrium with arbitrary market structure",
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",
keywords = "Faculty of Social Sciences, incomplete markets, coordination",
author = "Birgit Grodal and Karl Vind",
note = "JEL Classification: D52, D40",
year = "2005",
doi = "10.1007/s00199-004-0515-3",
language = "English",
volume = "25",
pages = "123--134",
journal = "Economic Theory",
issn = "0938-2259",
publisher = "Springer",
number = "1",

}

RIS

TY - JOUR

T1 - Equilibrium with arbitrary market structure

AU - Grodal, Birgit

AU - Vind, Karl

N1 - JEL Classification: D52, D40

PY - 2005

Y1 - 2005

N2 - 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

AB - 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

KW - Faculty of Social Sciences

KW - incomplete markets

KW - coordination

U2 - 10.1007/s00199-004-0515-3

DO - 10.1007/s00199-004-0515-3

M3 - Journal article

VL - 25

SP - 123

EP - 134

JO - Economic Theory

JF - Economic Theory

SN - 0938-2259

IS - 1

ER -

ID: 94029