Complete and incomplete markets with short-sale constraints
نویسندگان
چکیده
منابع مشابه
Complete and Incomplete Markets with Short-Sale Constraints
This paper argues that the introduction of a short-sale constraint in the ArrowRadner framework invalidates standard definitions of complete and incomplete markets. In this constrained set-up, two threshold values with familiar properties arise. The case of a zero short-sale bound set on some security fulfills the standard definition of “incomplete” financial markets. Beyond a particular level ...
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ژورنال
عنوان ژورنال: Economic Theory
سال: 2003
ISSN: 0938-2259,1432-0479
DOI: 10.1007/s00199-001-0244-9