scientific article; zbMATH DE number 1154009
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The general equilibrium theory studies the allocation of resources achievable via a system of markets. In classical theory of resource allocation which finds its most elegant synthesis in the Arrow-Debren theory (1959) it would perhaps be reasonable to assume that these markets are complete. But as soon as men are concerned with a world in which time and uncertainty enter in an essential way it is no longer reasonable to assume the existence of such a complete set of markets. And so we have to deal with the world of incomplete markets. The main object of this survey (chapter) is to lay out briefly the principal contributions that have been made to this branch of general equilibrium theory since another survey of Radner (1982). For the entire collection see [Zbl 0889.90001].
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