The degree of indeterminacy of equilibria with incomplete markets

Ryo Nagata*

*Corresponding author for this work

    Research output: Contribution to journalArticlepeer-review

    4 Citations (Scopus)


    This paper investigates generically the indeterminacy property of a financial equilibrium set with incomplete nominal asset markets in both endowments and utility functions. A permissible utility function is not required to have any convexity, so that the resulting equilibrium set is intuitively expected to become very large. It is, however, proved that generically the degree of indeterminacy of equilibria does not exceed the deficiency in financial asset markets. It is also demonstrated that there is a functional relationship between financial equilibria and an economy parameter.

    Original languageEnglish
    Pages (from-to)109-123
    Number of pages15
    JournalJournal of Mathematical Economics
    Issue number1
    Publication statusPublished - 1998 Jan


    • Deficiency in asset markets
    • Extended financial equilibrium
    • Indeterminacy of equilibria
    • Nominal assets

    ASJC Scopus subject areas

    • Economics and Econometrics
    • Applied Mathematics


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