Analysis of Incomplete Markets

这是一个令人兴奋的项目，因为它解决了基本问题， 经济理论中的难题。 一般 均衡分析使用经典的Arrow-Debreu框架， 完整的应急市场。 该项目的贡献 来自于开发一个更通用的模型， 金融市场，市场结构是 不完整 不完整的程度是不假定的，因为它 在过去的工作中，但确定为平衡的一部分。 初步研究已经产生了一些令人惊讶的结果。 例如，竞争性股票市场被证明是一个 随着时间的推移，投资分配机制效率低下。 的 项目得出的福利性质的其他结果 不同的市场制度与交换和生产。

This is an exciting project because it tackles fundamental and extremely difficult problems in economic theory. General equilibrium analysis uses the classic Arrow-Debreu framework with complete contingent markets. The contribution of this project comes from developing a more general model with real and financial markets in which the structure of markets is incomplete. The degree of incompleteness is not assumed, as it has been in past work, but determined as part of the equilibrium. Preliminary research has already yielded some surprising results. For example, a competitive stock market is shown to be an inefficient mechanism for allocating investment over time. The project derives other results about the welfare properties of different market institutions with exchange and production.