Economic Dynamics And General Equilibrium: Time And Uncertainty

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Borglin, Anders, Tvede, Mich

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ISBN:9783540002659
Editorial: Springer
Fecha de la edición:2004
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Nº Pág.:396
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/ Economía Cuantitativa

The developments in economic theory in the 1950s served to pinpoint important underlying assumptions in the study of market institutions. This led to the introduction of new equilibrium concepts; temporary equilibria, spot-market equilibria and monetary equilibria. The emphasis was on the possibilities to transfer purchasing power over time or over states using spot markets involving assets or money. This title focuses on the developments in the theory of incomplete markets and overlapping generations economies where income transfers over time or across states are restricted either by available assets or by the infeasibility of contracts with unborn generations.