The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

General Equilibrium with Incomplete Markets

  • Michael Magill
  • Martine Quinzii
Reference work entry


An account is given of the principal concepts and results of general equilibrium with incomplete financial markets over a finite horizon, focusing on the generic existence, suboptimality and determinacy of equilibrium. Many results depend on the nature of the financial securities, whether they are real or nominal, nominal securities leading to the analysis of a class of monetary equilibrium models.


Arrow, K. Determinacy of equilibrium General equilibrium Incomplete financial markets Spot-financial market equilibrium 

JEL Classifications

D52 D53 E44 E52 G12 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Michael Magill
    • 1
  • Martine Quinzii
    • 1
  1. 1.