Book contents
- Frontmatter
- Contents
- List of illustrations
- Foreword
- Preface
- Table of notation
- A Getting started
- B An economy with bounded production technology, supply and demand functions
- C An economy with unbounded production technology, supply and demand functions
- D Welfare economics
- E Bargaining and equilibrium: The core
- F The scope of markets
- G An economy with supply and demand correspondences
- H Conclusion
- Bibliography
- Index
F - The scope of markets
Published online by Cambridge University Press: 05 June 2012
- Frontmatter
- Contents
- List of illustrations
- Foreword
- Preface
- Table of notation
- A Getting started
- B An economy with bounded production technology, supply and demand functions
- C An economy with unbounded production technology, supply and demand functions
- D Welfare economics
- E Bargaining and equilibrium: The core
- F The scope of markets
- G An economy with supply and demand correspondences
- H Conclusion
- Bibliography
- Index
Summary
The models above can be interpreted to treat allocation over time and under uncertainty. In order to do so the space of commodities traded needs to be interpreted to include intertemporal trade and trade in insurance or event-contingent goods. These are the notions of futures markets and contingent commodity markets. The concept of complete markets available over time and uncertainty is sometimes described as “a full set of Arrow-Debreu futures markets.”
- Type
- Chapter
- Information
- General Equilibrium TheoryAn Introduction, pp. 175 - 176Publisher: Cambridge University PressPrint publication year: 1997