منابع مشابه
General Equilibrium with Endogenous Uncertainty and Default
In this paper we study the introduction of new assets which are oftenly observed to be de ned in expected values rather than state by state, called the Arrow-Lind-Malinvaud (ALM) assets. We demonstrate that individual default emerges naturally in an economy where such ALM assets are introduced without completing all contingency markets. We further provide conditions under which individual defau...
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The paper introduces a new approach to preference structure, where from a weak preference relation derive the following relations:strict preference, indifference and incomparability, which by aggregations and negations are created and examined. We decomposing a preference relation into a strict preference, anindifference, and an incomparability relation.This approach allows one to quantify diff...
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This article summarizes the theory of markets under uncertainty that Arrow and Debreu created, its achievements and the critical issues that it raises. It focuses on the way Arrow introduced securities: how he de ned them and what were the most useful developments of this theory. It mentions the theory of insurance that Arrow pioneered together with Malinvaud and others, and Arrows theory of r...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2004
ISSN: 1556-5068
DOI: 10.2139/ssrn.639361