Michael Magill (University of S California), Martine Quinzii
The Theory of Incomplete Markets provides a unified framework for analyzing the real, financial, and monetary sectors of an economy. It describes an innovative theory that takes into account the fact that in order to coordinate their activities and share their risks, agents are forced by the imperfections in their knowledge and their propensity for opportunistic behavior to trade sequentially and to make only limited contractual commitments into the future. This book studies the consequences of trading with such a sequential and incomplete market structure for the equilibria of an economy:...
The Theory of Incomplete Markets provides a unified framework for analyzing the real, financial, and monetary sectors of an economy. It describes a...
This two-volume set offers an extraordinary precis of classic articles on the general equilibrium theory of incomplete markets. The first volume presents the contributions to the theory of incomplete markets over a finite horizon. Many of the papers focus on two-period economies. This setting provides the simplest version of the incomplete-market model. However, the study of incomplete markets has evolved from finite to infinite horizon economies. The second volume examines the interesting new technical and conceptual issues that arise from the exploration of incomplete market economies over...
This two-volume set offers an extraordinary precis of classic articles on the general equilibrium theory of incomplete markets. The first volume prese...
