Non-equivalence of uniqueness of equilibria in complete and in incomplete market models |
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| Affiliation: | 1. Energy Research Institute @ NTU, 1 CleanTech Loop, #06-04, 637141 Singapore;2. School of Mechanical and Aerospace Engineering, Nanyang Technological University, 50 Nanyang Avenue, 639798 Singapore;3. School of Chemical Engineering, The University of Birmingham, Edgbaston, Birmingham, B15 2TT, United Kingdom;1. Department of Medicine, University of Wisconsin Carbone Comprehensive Cancer Center, University of Wisconsin-Madison, Madison, Wisconsin;2. Department of Biomedical Sciences, Mercer University School of Medicine, Savannah, Georgia;3. Department of Pathology, Memorial Health University Medical Center, Savannah, Georgia |
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| Abstract: | This paper contains two examples to prove the non-equivalence of uniqueness of competitive equilibria in complete and in incomplete market models. They show that even if an equilibrium is unique for complete markets, this property can be violated for incomplete markets, and vice versa. |
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