On the completeness of complete markets (Q946352)
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scientific article; zbMATH DE number 5346092
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| English | On the completeness of complete markets |
scientific article; zbMATH DE number 5346092 |
Statements
On the completeness of complete markets (English)
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23 September 2008
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The authors consider three market structures. Model of Arrow-Debreu, model of sequentially complete markets and model of complete markets are analyzed. Multi-period economies subject to uncertainty, where markets may reopen at future stats are investigated. Distinction between naive and sophisticated behavior of markets are given. The authors analyzed this two types of behavior for time-consistent or time-inconsistent preferences.
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market structure
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sophisticated behavior
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model of Arrow-Debreu
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time-inconsistent preferences
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market completeness
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0.8038868308067322
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0.7895386219024658
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0.782437264919281
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0.7820180654525757
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