Nonexistence of Constrained Efficient Equilibria When Markets are Incomplete

DOI10.1111/1468-0262.00326MaRDI QIDQ5477779zbMATH OpenOpenAlexFDO

Authors Egbert Dierker, Hildegard Dierker, Birgit Grodal

Publication date 29 June 2006

Published in Econometrica (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1111/1468-0262.00326

Mathematics Subject Classification ID

Auctions, bargaining, bidding and selling, and other market models (91B26) General equilibrium theory (91B50)

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(21)

• Complete markets do not allow free cash flow streams
• Markets are efficient if and only if \(P = NP\)
• Indeterminacy of Cournot-Walras equilibrium with incomplete markets
• Are incomplete markets able to achieve minimal efficiency?
• Financial intermediation and the welfare theorems in incomplete markets
• INCOMPLETE MARKETS IN INFINITE HORIZON: DEBT CONSTRAINTS VERSUS NODE PRICES¹
• Non-existence of equilibrium in an incomplete stock market economy
• Nonexistence of constrained efficient production plans
• Constrained efficiency versus unanimity in incomplete markets
• Welfare and efficiency in incomplete market economies with a single firm
• A bargaining theory of the firm
• Investment and financing in incomplete markets
• Are Incomplete Markets Able to Achieve Minimal Efficiency?
• Drèze equilibria and welfare maxima
• Ownership structure and control in incomplete market economies with transferable utility
• Existence of competitive equilibrium with incomplete markets
• A second welfare theorem for constrained efficient allocations in incomplete markets
• Robust nonexistence of equilibrium with incomplete markets
• A re-examination of constrained Pareto inefficiency in economies with incomplete markets
• Shareholder voting
• A general equilibrium analysis of corporate control and the stock market

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