Meddeb, Moncef: On Generically Complete Markets with an Open-Ended Horizon
World Conference Econometric Society, 2000, Seattle

Jean-Marc Bottazzi, University of Paris 1 Pantheon-Sorbonne
Moncef Meddeb, University of Paris 1 Pantheon-Sorbonne
On Generically Complete Markets with an Open-Ended Horizon
Session: C-2-1  Saturday 12 August 2000  by Meddeb, Moncef
In this paper we generalize Magill and Shafer's (1990) analysis of generically complete markets in the presence of an open-ended horizon. Doing this we are faced with difficulties specific to the presence of infinitely many periods. Until now these difficulties did not allow any satisfactory generalization of the genericity argument in Duffie and Shafer (1985,1986). These difficulties are threefold: how to get differentiability of an equilibrium equation; which transversality theorem can be applied (and what is the corresponding notion of genericity); and how to ``count'' dimensions?


File created by Jurgen Doornik with eswc2000.ox on 2-01-2001