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2020-01-29Zeitschriftenartikel DOI: 10.18452/23687
Indeterminacy of Cournot–Walras equilibrium with incomplete markets
dc.contributor.authorZierhut, Michael
dc.date.accessioned2021-11-23T10:17:00Z
dc.date.available2021-11-23T10:17:00Z
dc.date.issued2020-01-29none
dc.identifier.other10.1007/s00199-020-01248-2
dc.identifier.urihttp://edoc.hu-berlin.de/18452/24350
dc.description.abstractThis 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.eng
dc.language.isoengnone
dc.publisherHumboldt-Universität zu Berlin
dc.rights(CC BY 4.0) Attribution 4.0 Internationalger
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectIncomplete markets with productioneng
dc.subjectImperfect competitioneng
dc.subjectDiscontinuous gameseng
dc.subjectReal indeterminacyeng
dc.subjectEndogenously incomplete marketseng
dc.subject.ddc330 Wirtschaftnone
dc.subject.ddc510 Mathematiknone
dc.titleIndeterminacy of Cournot–Walras equilibrium with incomplete marketsnone
dc.typearticle
dc.identifier.urnurn:nbn:de:kobv:11-110-18452/24350-7
dc.identifier.doihttp://dx.doi.org/10.18452/23687
dc.type.versionpublishedVersionnone
local.edoc.container-titleEconomic theorynone
local.edoc.pages34none
local.edoc.type-nameZeitschriftenartikel
local.edoc.institutionWirtschaftswissenschaftliche Fakultätnone
local.edoc.container-typeperiodical
local.edoc.container-type-nameZeitschrift
local.edoc.container-publisher-nameSpringernone
local.edoc.container-publisher-placeBerlin, Heidelberg, New Yorknone
local.edoc.container-volume71none
local.edoc.container-issue1none
local.edoc.container-firstpage81none
local.edoc.container-lastpage114none
dc.description.versionPeer Reviewednone
dc.identifier.eissn1432-0479

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