SFB 303 Discussion Paper No. A - 495
Author: Bottazzi, Jean-Marc
Title: Smooth Returns in a Multiperiod Economy with Incomplete Markets
Abstract: In a multiperiod economy with incomplete markets and assets that yield
smooth functions of the commodity price history we show in order to get
endowment generic existence of an equilibrium one need not alter essential
features of asset description. Such features include the date of issue, the
payment dates of coupons or dividends (if applicable), and the maturation
date. A generic class of asset structures respecting these structural
features of assets is introduced.
Keywords: Incomplete Markets, Existence, Multiperiod Economy
JEL-Classification-Number: D52, G10
Creation-Date: November 1995
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