出版社：Economic Laboratory for Transition Research Podgorica
摘要：The concept of general economic equilibrium of sequential structuresof economic system involves development of the generaleconomic equilibrium model that includes the structure of assetmarkets. The assets are instruments of income redistributionthrough the different states of nature of economic system. Generaleconomic equilibrium model with the asset markets shouldprovide, on the one hand, an explanation of the relative prices ofcommodities and, on the other hand, the possibility of analyzingincome transfers through the different states of nature and theprocess of asset prices formation. After defining the appropriategeneral economic equilibrium model which involves asset marketsin the absence of arbitrage process, further analysis is focusedon the examination of Pareto optimality of economic system.The existence of imperfect market conditions in the form of incompleteasset markets reduces possibility of income transfersthrough the different states of nature of economic system, whichresults that equilibrium allocation is not Pareto optimal allocation.Therefore, in this paper focus is on a constrained form of Paretooptimality in a sequential model of economic system.
关键词：general equilibrium model;incomplete asset markets;existence of solution;pareto optimality.
