A case for incomplete markets

DOI10.1016/j.jet.2018.09.004zbMath1417.91211OpenAlexW1542120229MaRDI QIDQ1622448

Thomas J. Sargent, Lawrence E. Blume, Viktor Tsyrennikov, David A. Easley, Timothy Cogley

Publication date: 19 November 2018

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

Full work available at URL: https://doi.org/10.1016/j.jet.2018.09.004

zbMATH Keywords

incomplete marketsheterogeneous beliefsspeculationsocial welfarefinancial regulationspurious unanimity

Mathematics Subject Classification ID

Microeconomic theory (price theory and economic markets) (91B24) Welfare economics (91B15)

Related Items (5)

Bayesian social aggregation with accumulating evidence ⋮ Efficiency, equity, and social rationality under uncertainty ⋮ On efficiency in disagreement economies ⋮ Social preference under twofold uncertainty ⋮ Fair social decision under uncertainty and belief disagreements

Cites Work

• Unnamed Item
• If You're so Smart, why Aren't You Rich? Belief Selection in Complete and Incomplete Markets
• No-Betting-Pareto Dominance
• Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework
• A Welfare Criterion For Models With Distorted Beliefs*
• Robustness
• Stationary Equilibria in Asset-Pricing Models with Incomplete Markets and Collateral

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