Details

Autor(en) / Beteiligte

• Grodal, Birgit
• Vind, Karl

Titel

Equilibrium with Arbitrary Market Structure

Ist Teil von

• Economic theory, 2005-01, Vol.25 (1), p.123-134

Ort / Verlag

Heidelberg: Springer-Verlag

Erscheinungsjahr

2005

Quelle

SpringerNature Journals

Beschreibungen/Notizen

• 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.