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Theory of Incomplete Markets

Theory of Incomplete Markets,Michael Magill,Martine Quinzii

Theory of Incomplete Markets   (Citations: 229)
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Published in 1996.
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    • ...closed. Thus for outside this closed lower-dimensional set equation (14) yields dierent...
    • ...The polynomials in the equations (13), (14), and (15) form a zero-dimensional radical ideal in K[eH;x;t;y]...
    • ...Finally, by construction all Walrasian equilibria of the economy satisfy equations (13) and (14)...
    • ...Dierent choices of the random weights i in Equation (14) lead to dierent UPRs...

    Felix Kubleret al. Competitive equilibria in semi-algebraic economies

    • ...Thanks to (14) we can posit that the resource price x∗ is a decreasing function of eI. So, if eI and ei are negatively dependent, cov(x∗,ei) > 0; see [28] Proposition 16.9...

    S. D. Flåmet al. Private information, transferable utility, and the core

    • ...berger (1988), Ingersoll (1987), and Magill and Quinzii (1996)...

    Anke Gerberet al. Dynamic General Equilibrium and T-Period Fund Separation

    • ...In contrast, the traditional general equilibrium literature with incomplete …nancial markets (GEI henceforth) models the …rm as an in…nitely lived entity that owns and accumulates its capital stock and is owned by its shareholders, who trade equity shares in a stock market rather than accumulating physical capital (see Magill and Quinzii, 1996, chapter 6, for a review of this literature)...
    • ...17 This point is illustrated by Carceles-Poveda (2007), who studies the quantitative implications of alterna-...

    Eva Carceles-Povedaet al. Owning capital or being shareholders: An equivalence result with incom...

    • ...General Equilibrium Theory with Incomplete markets aims to study the interactions of the nancial part of the economy and its commodity part in a world where time and uncertainty play a fundamental role (see, for example, Radner [24], Magill-Quinzii [21], or Geanakoplos [16] for a survey on GEI model)...
    • ...There is a nite set (by abuse of notation, I will also denote the cardinal of the set I) and we consider the simplest case of intertemporal model with two dates, t = 0 (today) and t = 1 (tomorrow) (see [21], [1], [8] for a generalization to several periods)...

    Philippe Bichet al. Existence of pseudo-equilibria in a financial economy

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