On Generically Complete Markets With an Open-Ended Horizon.

In this paper we generalize Magill and Shafer's analysis of generically complete markets in the presence of an open-ended horizon. Until now, the genericity argument in Duffie and Shafer has no satisfactory generalisation to the case of an open ended horizon. These difficulties are threefold: how to get differentiability of an equilibrium equation; which transversality theorem can be applied; and how to "count" dimensions?

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Year of publication:	1999
Authors:	Bottazzi, J.-M. ; Meddeb, M.
Institutions:	Centre de recherche de mathématiques et économie mathématique (CERMSEM), Centre d'Économie de la Sorbonne
Subject:	MARKET \| ECONOMICS \| PRODUCTION

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Series:	Papiers d'Economie Mathématique et Applications.
Type of publication:	Book / Working Paper
Notes:	19 pages
Classification:	D50 - General Equilibrium and Disequilibrium. General ; D51 - Exchange and Production Economies ; D52 - Incomplete Markets
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005630738