We investigate the possibility of completing financial markets in a model with no exogenous probability measure, with market imperfections and with an arbitrary sample space. We also consider whether such extension may be possible in a competitive environment. Our conclusions highlight the economic role of complexity.
Cassese, G. (2021). Complete and competitive financial markets in a complex world. FINANCE AND STOCHASTICS, 25(4), 659-688 [10.1007/s00780-021-00463-6].
Complete and competitive financial markets in a complex world
Gianluca Cassese
Primo
2021
Abstract
We investigate the possibility of completing financial markets in a model with no exogenous probability measure, with market imperfections and with an arbitrary sample space. We also consider whether such extension may be possible in a competitive environment. Our conclusions highlight the economic role of complexity.
File in questo prodotto:
| File | Dimensione | Formato | |
|---|---|---|---|
|
2021_FINASTO.pdf
Solo gestori archivio
Tipologia di allegato:
Publisher’s Version (Version of Record, VoR)
Dimensione
1.27 MB
Formato
Adobe PDF
|
1.27 MB | Adobe PDF | Visualizza/Apri Richiedi una copia |
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
