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Equilibrium with arbitrary market structure

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  • Birgit Grodal
  • Karl Vind

Abstract

Fifty years ago Arrow [1] introduced contingent commodities and Debreu [4] observed that this reinterpretation of a commodity was enough to apply the existing general equilibrium theory to uncertainty and time. This interpretation of general equilibrium theory is the Arrow-Debreu model. The complete market predicted by this theory is clearly unrealistic, and Radner [10] formulated and proved existence of equilibrium in a multiperiod model with incomplete markets. In this paper the Radner result is extended. Radner assumed a specific structure of markets, independence of preferences, indifference of preferences, and total and transitive preferences. All of these assumptions are dropped here. We - like Radner - keep assumptions implying compactness. Copyright Springer-Verlag Berlin/Heidelberg 2005

Suggested Citation

  • Birgit Grodal & Karl Vind, 2005. "Equilibrium with arbitrary market structure," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 25(1), pages 123-134, January.
    • Handle: RePEc:spr:joecth:v:25:y:2005:i:1:p:123-134
    DOI: 10.1007/s00199-004-0515-3
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    Keywords

    Incomplete markets; Coordination.;

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