The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

General Equilibrium with Incomplete Markets

  • Michael Magill
  • Martine Quinzii
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2957

Abstract

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.

Keywords

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

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

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