Generic inefficiency of equilibria in the general equilibrium model with incomplete asset markets and infinite time

DOI10.1007/s00199-002-0272-0zbMath1068.91023OpenAlexW2081292978MaRDI QIDQ1407766

Felix Kubler, Karl Schmedders

Publication date: 21 September 2003

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

Full work available at URL: https://doi.org/10.1007/s00199-002-0272-0

zbMATH Keywords

heterogeneous agentsincomplete marketsassetsfinancial marketinefficient equilibriaLucas asset-pricing model

Mathematics Subject Classification ID

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

Related Items (4)

Incomplete financial markets and jumps in asset prices ⋮ Non-existence of recursive equilibria on compact state spaces when markets are incomplete. ⋮ Convex analysis in financial mathematics ⋮ Non-parametric counterfactual analysis in dynamic general equilibrium

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