Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/288303 
Autor:innen: 
Erscheinungsjahr: 
2020
Quellenangabe: 
[Journal:] Economic Theory [ISSN:] 1432-0479 [Volume:] 71 [Issue:] 1 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2020 [Pages:] 81-114
Verlag: 
Springer, Berlin, Heidelberg
Zusammenfassung: 
This paper studies a sole proprietorship economy with imperfect competition in a transferable utility setting. While consumers behave as price takers, producers issue real assets strategically to maximize their own utility. Even when complete markets are technologically feasible, equilibria with incomplete markets are robust, and they appear in large numbers: There is a continuum of equilibria with different asset spans that can be welfare-ranked. This real indeterminacy does not vanish as the number of producers goes to infinity. Therefore, the self-interest of producers restricts economic outcomes but does not determine them.
Schlagwörter: 
Incomplete markets with production
Imperfect competition
Discontinuous games
Real indeterminacy
Endogenously incomplete markets
JEL: 
D43
D51
D52
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Published Version

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