A characterization of the optimality of equilibrium in incomplete markets

DOI10.1016/0022-0531(77)90063-1zbMath0362.90019OpenAlexW2067353486WikidataQ29028205 ScholiaQ29028205MaRDI QIDQ1240140

Sanford J. Grossman

Publication date: 1977

Published in: Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/0022-0531(77)90063-1

Mathematics Subject Classification ID

Decision theory (91B06) Trade models (91B60)

Related Items (18)

Notes on optimality of rational expectations equilibrium with incomplete markets ⋮ Competitive equilibrium with incomplete financial markets ⋮ A second welfare theorem for constrained efficient allocations in incomplete markets ⋮ Optimal futures innovation in a dynamic economy: The discrete-time case ⋮ The core of a monetary economy without trust ⋮ A note on the implementation of rational expectations equilibria ⋮ Perfect competition, the profit criterion, and the organization of economic activity ⋮ Perfect competition and optimal product differentiation ⋮ Core concepts for incomplete market economies ⋮ Generic inefficiency of stock market equilibrium when markets are incomplete ⋮ A new characterization of the efficiency of equilibrium with incomplete markets ⋮ Money, information and equilibrium in large economies ⋮ \(p\)-weakly constrained Pareto efficiency and aggregation in incomplete markets ⋮ Constrained inefficiency in GEI: A geometric argument ⋮ Incentives and competitive allocations in exchange economies with incomplete markets ⋮ Rational expectations equilibria in sequence economies with symmetric information: The two-period case ⋮ The stock market and the vacancy rate ⋮ Core and equilibrium in incomplete markets

Cites Work

• Rational expectations and the econometric modeling of markets subject to uncertainty. A Bayesian approach
• On the optimality of equilibrium when the market structure is incomplete
• Competitive inefficiencies in the presence of constrained transactions
• Quasi-Concave Programming
• Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets

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