Template-type: ReDif-Paper 1.0
Author-Name: Drèze Jacques H.
Author-Name: Herings P. Jean-Jacques
Author-workplace-name: METEOR
Title: Sequentially complete Markets Remain Incomplete
Abstract: We consider the well-known result of Arrow (1953) that the set of equilibria of an economy with complete markets coincides with the one of an economy with sequentially complete markets. We show by means of two examples that this results is problematic when there exist multiple equilibrium continuations to the initial-period component of an intertemporal equilibrium. Some consequences are drawn.
Keywords: microeconomics ; 
Series: Research Memoranda
Creation-Date: 2003
Number: 058
File-URL: http://digitalarchive.maastrichtuniversity.nl/fedora/objects/guid:6b61dc83-38d2-49d9-900c-ad8b0a6be1ee/datastreams/ASSET1/content
File-Format: application/pdf
File-Size: 212593
Handle: RePEc:unm:umamet:2003058