Indeterminacy of Cournot–Walras equilibrium with incomplete markets
研究在可转移效用经济中，生产者策略性发行真实资产导致不完全市场均衡大量存在且福利可排序，且这种不确定性不随生产者数量增加而消失。
Abstract This paper studies a sole proprietorship economy with imperfect competition in a transferable utility setting. While consumers behave as price takers, producers issue real assets strategically to maximize their own utility. Even when complete markets are technologically feasible, equilibria with incomplete markets are robust, and they appear in large numbers: There is a continuum of equilibria with different asset spans that can be welfare-ranked. This real indeterminacy does not vanish as the number of producers goes to infinity. Therefore, the self-interest of producers restricts economic outcomes but does not determine them.