Sequentially complete markets remain incomplete

Dreze, Jacques;Herings, P, Jean-Jacques
(2008) Economics Letters — Vol. 100, n° 3, p. 445-447 (2008)

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  • Dreze, JacquesUCLouvain
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  • Herings, P, Jean-Jacques
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Abstract
We show by means of an example that the result of Arrow [Arrow, K.J. (1953), Le rôle des valeurs boursières pour la répartition la meilleure des risques, Econométrie, 41–47, CNRS, Paris; translated as The role of securities in the optimal allocation of risk bearing, Review of Economic Studies, 31, 91–96] is problematic when there exist multiple equilibrium continuations to the initial-period component of an intertemporal equilibrium.
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Dreze, J., & Herings, P. J.-J. (2008). Sequentially complete markets remain incomplete. Economics Letters, 100(3), 445-447. https://doi.org/10.1016/j.econlet.2008.03.017 (Original work published 2008)