Arrow-Debreu Preferences and the Reopening of Contingent Claims Markets
Abstract
The Arrow-Debreu intertemporal general equilibrium paradigm is typically interpreted as suggesting that contingent claims markets need not reopen as time passes and uncertainty resolves. We show that this property, if satisfied, has strong implications for the structure of agents' preferences and for the updating of probabilistic beliefs.
Citation
Donaldson, John, and Larry Selden. "Arrow-Debreu Preferences and the Reopening of Contingent Claims Markets." Economics Letters 8 (1981): 209-216.
Each author name for a Columbia Business School faculty member is linked to a faculty research page, which lists additional publications by that faculty member.
Each topic is linked to an index of publications on that topic.