Equilibrium pricing and market completion: a counterexample

Article dans une revue: In both arbitrage and utility pricing approaches, the fictitious completion appears as a powerful tool that permits to extend complete markets results to an incomplete markets framework. Does this technique permit to characterize the equilibrium pricing interval? This note provides a negative answer.

Auteur(s)

Elyes Jouini

Revue
  • Economics Bulletin
Date de publication
  • 2020
Mots-clés JEL
D53 G11 G13
Pages
  • 1963-1969
Version
  • 1
Volume
  • 40