Real indeterminacy with financial assets
نویسندگان
چکیده
منابع مشابه
CARESS Working Paper #95-01 Financial Innovation and Expectations¤: Endogenous Incompleteness and Real Indeterminacy
This paper analyzes an incomplete ...nancial markets model with pricetaking utility-maximizing ...nancial innovators and no-short sales restrictions. It is shown that, given the indeterminacy of the no arbitrage price conjecture of innovators, ...nancial markets can remain incomplete in equilibrium. As a consequence, real indeterminacy of degree at least equal to int (S/2)(S(S/2)) results, wher...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 1989
ISSN: 0022-0531
DOI: 10.1016/0022-0531(89)90100-2