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Implementing Arrow-Debreu equilbria by continuous trading of a few long-lived securities
| Content Provider | Semantic Scholar |
|---|---|
| Author | Duffie, Darrell Huang, Chi-Ying F. |
| Copyright Year | 1985 |
| Abstract | AbstractA two-period (0 and T) Arrow-Debreu economy is set up with a general model of uncertainty. We suppose that an equilibrium exists for this economy. The Arrow-Debreu economy is placed in a Radner (dynamic) setting; agents may trade claims at any time during [0, T]. Under appropriate conditions it is possible to implement the original Arrow-Debreu equilibrium, which may have an infinite-dimensional commodity space, in a Radner equilibrium with only a finite number of securities. This is done by opening the “right” set of security markets, a set which effectively completes markets for the Radner economy. (This abstract was borrowed from another version of this item.) |
| File Format | PDF HTM / HTML |
| DOI | 10.2307/1913211 |
| Alternate Webpage(s) | http://dspace.mit.edu/bitstream/handle/1721.1/48112/implementingarro00duff.pdf;jsessionid=DD823DE7CA6F117FB9AAEC446D2439CC?sequence=1 |
| Alternate Webpage(s) | https://www.darrellduffie.com/uploads/pubs/DuffieHuang1985.pdf |
| Alternate Webpage(s) | http://dspace.mit.edu/bitstream/handle/1721.1/48112/implementingarro00duff.pdf?sequence=1 |
| Alternate Webpage(s) | http://www.darrellduffie.com/uploads/pubs/DuffieHuang1985.pdf |
| Alternate Webpage(s) | https://doi.org/10.2307/1913211 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |