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| Elyes Jouini |
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| ''Equilibrium pricing and market completion: a counterexample'' |
| ( 2020, Vol. 40 No.3 ) |
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| In both arbitrage and utility pricing approaches, the fictitious completion appears as a powerful tool that permits to extend complete markets results to an incomplete markets framework. Does this technique permit to characterize the equilibrium pricing interval? This note provides a negative answer. |
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| Keywords: arbitrage pricing, utility pricing, equilibrium pricing, incomplete markets, fictitious completion |
JEL:
D5 - General Equilibrium and Disequilibrium: General |
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| Manuscript Received : Jul 24 2020 | | Manuscript Accepted : Aug 08 2020 |
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