Analysis of Incomplete Markets
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
This is an exciting project because it tackles fundamental and                  extremely difficult problems in economic theory.  General                       equilibrium analysis uses the classic Arrow-Debreu framework with               complete contingent markets.  The contribution of this project                  comes from developing a more general model with real and                        financial markets in which the structure of markets is                          incomplete.  The degree of incompleteness is not assumed, as it                 has been in past work, but determined as part of the equilibrium.               Preliminary research has already yielded some surprising results.               For example, a competitive stock market is shown to be an                       inefficient mechanism for allocating investment over time.  The                 project derives other results about the welfare properties of                   different market institutions with exchange and production.
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{'Code': '132000', 'Text': 'Economics'}
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