SFB 303 Discussion Paper No. A - 495

Author: Bottazzi, Jean-Marc
Title: Smooth Returns in a Multiperiod Economy with Incomplete Markets
Abstract: In a multiperiod economy with incomplete markets and assets that yield smooth functions of the commodity price history we show in order to get endowment generic existence of an equilibrium one need not alter essential features of asset description. Such features include the date of issue, the payment dates of coupons or dividends (if applicable), and the maturation date. A generic class of asset structures respecting these structural features of assets is introduced.
Keywords: Incomplete Markets, Existence, Multiperiod Economy
JEL-Classification-Number: D52, G10
Creation-Date: November 1995
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