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5 Multiple-Periods Model

  • Thorsten Hens
  • Marc Oliver Rieger
Chapter
  • 430 Downloads
Part of the Springer Texts in Business and Economics book series (STBE)

Abstract

Financial market is complete if any consumption stream can be attained with at least one initial wealth. The necessary and sufficient condition for a financial market to be complete is that each two-period submarket is complete.

Copyright information

© Springer-Verlag GmbH Germany, part of Springer Nature 2019

Authors and Affiliations

  • Thorsten Hens
    • 1
  • Marc Oliver Rieger
    • 2
  1. 1.Department of Banking and FinanceUniversity of ZurichZürichSwitzerland
  2. 2.Department of Business AdministrationUniversity of TrierTrierGermany

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