Incomplete financial markets and differential information

被引：2

作者：

Faias, Marta ^{[1
]}

Moreno-Garcia, Emma ^{[2
]}

机构：

[1] Univ Nova Lisboa, Fac Ciencias & Tecnol, Caparica, Portugal

[2] Univ Salamanca, Fac Econ & Empresa, Salamanca 37007, Spain

来源：

ECONOMIC THEORY | 2010年 / 43卷 / 02期

关键词：

Financial markets; Assets; Consumption constraints; Information; Non-enlightening equilibrium; GENERAL EQUILIBRIUM; REAL INDETERMINACY; ASSETS;

D O I：

10.1007/s00199-008-0429-6

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We provide a model of an incomplete markets economy where private restrictions on consumption are interpreted as lack of information. We prove existence of an equilibrium where agents are unable to infer any additional information from prices. When assets are nominal, these non-enlightening equilibrium prices result in a reduction of the degree of real indeterminacy.

引用

页码：189 / 206

页数：18

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