Incomplete markets: transverse financial structures (Q1865203)

The paper provides conditions under which an equilibrium exists for incomplete markets in a multiperiod setup and with assets whose pay off is path dependent. Radner, \(\beta\) and \(\beta\) pseudo equilibria are considered and related. As an application, the existence of an equilibrium for commodity forward contracts is proved. The paper extends earlier results of the author dealing with two-period problems. Unfortunately, it is burdened with various technical deficiencies; for example, the announced definition of the \(\beta\) pseudo equilibrium is missing.