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Equilibrium of Spot and Futures Markets Under Uncertainty

Roy Radner

出版	Center for Research in Management Science, University of California, 1967
URL	http://books.google.com.hk/books?id=joBEAAAAIAAJ&hl=&source=gbs_api

註釋

The relation between equilibrium and optimum under uncertainty is explored in a model of an economy with spot markets at each date and with an incomplete system of futures markets for delivery contingent on future events. An equilibrium is a consistent set of plans, spot prices, and conditional forecasts of future prices. For the economy to achieve an optimum relative to a given structure of information, economic agents must be able to buy insurance against changes in spot prices. The role of spot prices as information signals is emphasized. (Author).