Arrow's equivalency theorem in a model with neoclassical firms
Arrow's equivalency theorem in a model with neoclassical firms
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新古典企业模型中的阿罗等价定理
DOI：
10.1007/s00199-003-0393-0
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发表时间：
2004
期刊：
影响因子：
1.3
通讯作者：
S. Boyarchenko
中科院分区：
文献类型：
--
作者：
S. Boyarchenko
总结。本文考虑一个以实物资产为金融工具的两期一般均衡模型。该分析的新颖之处在于，实物资产是新古典主义公司的股票，因此回报率和收益率都取决于预期的现货价格（当然，收益率矩阵可能会随着价格的变化而改变排名）。假设金融市场是潜在完备的，我们建立了金融均衡的一般存在性，并证明了存在一组密集的经济体，使得金融均衡是有效的。
Summary.In this paper we consider a two-period general equilibrium model with uncertainty and real assets as financial instruments. The novelty of the analysis is that real assets are the stocks of neoclassical firms, so that both returns and yields depend on anticipated spot goods prices (and, of course, the yield matrix may change rank with prices). Assuming that financial markets are potentially complete, we establish generic existence of financial equilibrium and prove that there exists a dense set of economies such that financial equilibria are efficient.