TY  - GEN
AB  - Under risk, Arrow-Debreu equilibria can be implemented as Radner equilibria by continuous trading of few long-lived securities. We show that this result generically fails if there is Knightian uncertainty
in the volatility. Implementation is only possible if all discounted net
trades of the equilibrium allocation are mean ambiguity-free.
DA  - 2014
KW  - Knightian Uncertainty
KW  - Ambiguity
KW  - general Equilibrium
KW  - Asset Pricing
KW  - Radner Equilibrium
LA  - eng
PY  - 2014
SN  - 0931-6558
SP  - 29-
TI  - Non-Implementability of Arrow-Debreu Equilibria by Continuous Trading under Knightian Uncertainty
UR  - https://nbn-resolving.org/urn:nbn:de:0070-pub-29016738
Y2  - 2024-11-22T03:04:29
ER  -