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Cataloged Resource Summary

 

Title

Asset Structures and Spanning

Categories

General Equilibrium
Information and Uncertainty

Type

Article

Description

One of the crucial requirements for the equivalence of Radner equilibrium and Arrow-Debreu equilibrium is that the asset structure of an economy spans the set of states. By "spanning" we mean that a combination of assets can be used to transfer any amount of purchasing power from one state to another.

URL

http://cepa.newschool.edu/het/essays/sequence/spanning.htm

Home URL

http://cepa.newschool.edu/het/
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