Options and equilibrium

Options and equilibrium

When the asset market is incomplete, options at a priori specified exercise prices may prevent the existence of competetive equilibria. The failure of existence may be robust to perturbations.

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Bibliographische Detailangaben
Veröffentlicht in:Journal of mathematical economics 1990, Vol.19 (1), p.107-112
Hauptverfasser: Polemarchakis, H.M., Ku, Bon-Il
Format: Artikel
Sprache:eng
Schlagworte:
Bond markets
Competition
Competitive
Economic models
Economic theory
Equilibrium
Market equilibrium
Market prices
Options markets
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Beschreibung
Zusammenfassung:When the asset market is incomplete, options at a priori specified exercise prices may prevent the existence of competetive equilibria. The failure of existence may be robust to perturbations.
ISSN:0304-4068
1873-1538
DOI:10.1016/0304-4068(90)90038-B