ダウンロード数: 72
タイトル: | Effectively Complete Asset Markets with Multiple Goods and over Multiple Periods |
著者: | Hara, Chiaki |
キーワード: | Complete markets effectively complete markets welfare theorems sunspot Markov environment |
発行日: | Nov-2009 |
出版者: | Institute of Economic Research, Kyoto University |
誌名: | KIER Discussion Paper |
巻: | 685 |
抄録: | Following LeRoy and Werner (2001), we propose a definition of effectively complete asset markets in a model with multiple goods and multiple periods, and establish the first and second welfare theorems in such markets. As applications of the first welfare theorem, we derive the sunspot irrelevance theorem of Mas-Colell (1992), and extend the no-retrade theorem of Judd, Kubler, and Schmedders (2003) and Kubler and Schmedders (2003) to the case where the asset prices need not be time-invariant Markov processes. |
URI: | http://hdl.handle.net/2433/129593 |
関連リンク: | http://ideas.repec.org/p/kyo/wpaper/685.html |
出現コレクション: | KIER Discussion Paper (英文版) |
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