The degree of indeterminacy of equilibria with incomplete markets

Ryo Nagata*

*この研究の対応する著者

    研究成果: Article査読

    4 被引用数 (Scopus)

    抄録

    This paper investigates generically the indeterminacy property of a financial equilibrium set with incomplete nominal asset markets in both endowments and utility functions. A permissible utility function is not required to have any convexity, so that the resulting equilibrium set is intuitively expected to become very large. It is, however, proved that generically the degree of indeterminacy of equilibria does not exceed the deficiency in financial asset markets. It is also demonstrated that there is a functional relationship between financial equilibria and an economy parameter.

    本文言語English
    ページ(範囲)109-123
    ページ数15
    ジャーナルJournal of Mathematical Economics
    29
    1
    出版ステータスPublished - 1998 1月

    ASJC Scopus subject areas

    • 経済学、計量経済学
    • 応用数学

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