Equilibrium in Economies with Financial Markets: Uniqueness of Expectations and Indeterminacy
研究两期纯交换经济中，在完全或不完全资产市场下，当代理人和零期商品数量足够大时，不同金融均衡对应的现货均衡价格不同，从而代理人可依据一期价格准确预测未来价格。
We consider two-period, pure exchange economies with uncertainty and complete or incomplete asset markets. Assets are nominal. If the number of agents and of period-zero commodities is large enough, there is a dense, residual set of economies (parametrized by utility functions) such that, for each pair of distinct financial equilibria, spot zero equilibrium prices are different. Agents, observing first-period equilibrium prices, can formulate exact forecasts on future equilibrium prices, notwithstanding the real indeterminacy of the set of financial equilibria. If the asset market is complete, the result is true for an open and dense set of economies.Journal of Economic Literatureclassification numbers: D52, D80.