Does Market Incompleteness Matter?
论证在单一消费品经济中，若交易者长寿耐心、交易无风险债券且无总体风险，跨期金融市场的不完全性对福利、价格和消费影响甚微；有总体风险时类似结论在特定条件下成立，但错误资产或多消费品时可能不成立。
This paper argues that incompleteness of intertemporal financial markets has little effect (on welfare, prices, or consumption) in an economy with a single consumption good, provided that traders are long–lived and patient, a riskless bond is traded, shocks are transitory, and there is no aggregate risk. In an economy with aggregate risk, a similar conclusion holds, provided traders share the same CRRA utility function and the right assets are traded. Examples demonstrate that these conclusions need not hold if the wrong assets are traded or if the economy has multiple consumption goods.