000296061 001__ 296061
000296061 005__ 20210122082628.0
000296061 0247_ $$2doi$$a10.22004/ag.econ.296061
000296061 037__ $$a2280-2019-4553
000296061 041__ $$aeng
000296061 245__ $$aEQUILIBRIUM IN INCOMPLETE MARKETS: II. GENERIC EXISTENCE IN STOCHASTIC ECONOMIES
000296061 260__ $$c1986-08
000296061 269__ $$a1986-08
000296061 300__ $$a32
000296061 336__ $$aWorking or Discussion Paper
000296061 490__ $$aM8637
000296061 520__ $$aThis paper demonstrates the generic existence of equilibria with incomplete markets in a stochastic economy. Uncertainty is represented by an event tree. Securities that are claims to bundles of commodities and units of account at future dates, contingent on states of the world, are sold at each date and state. There is an insufficient number of securities to complete markets, even with the spanning advantages of repeated trade through time. Preferences are "smooth". We include partial results for linear restrictions on trading strategies, and show that security prices may be assigned to be the conditional expected sum of the future spot market values of dividends.
000296061 546__ $$aEnglish
000296061 650__ $$aIndustrial Organization
000296061 650__ $$aResearch Methods/ Statistical Methods
000296061 700__ $$aDuffie, Darrell
000296061 700__ $$aShafer, Wayne
000296061 8560_ $$fbolan132@umn.edu
000296061 8564_ $$9cc164694-94f4-4d14-819e-be11d08dea6d$$s2550604$$uhttps://ageconsearch.umn.edu/record/296061/files/usc026.pdf
000296061 909CO $$ooai:ageconsearch.umn.edu:296061$$pGLOBAL_SET
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000296061 980__ $$a2280