DOI: 10.5176/2251-3388_1.1.5
Authors: Pascal C. Stiefenhofer
Abstract:
This paper considers production in a two period general equilibrium model with incomplete financial markets. It shows, by application of convex set analysis, the separation of the economic activities of the agents. This result is a generalization of the decentralization theorem of the Arrow-Debreu model to incomplete financial markets.
Keywords: Convex Set Analysis, Optimization, General Equilibrium Theory
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