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Hi all,
I am reading this page - Complete market - Wikipedia and found the "Introduction to Complete Markets" referenced on the page to be very interesting...
The theory of complete markets sheds light on many economic issues. It starts by redefining goods to include attributes not normally considered inherent: the time and state at which something is consumed. An immediate implication of this new definition of a good, however, is that the system of markets available in the real world is far from complete: taking all the possible combinations of attributes into account leaves the number of goods far in excess of the number of actual markets. By the same token, this relative dearth may provide a ready explanation for the recent proliferation of unusual financial innovations.
Anyone is aware of any other introductory material that I could read to improve my understanding of this theory?
Thank you.
I am reading this page - Complete market - Wikipedia and found the "Introduction to Complete Markets" referenced on the page to be very interesting...
The theory of complete markets sheds light on many economic issues. It starts by redefining goods to include attributes not normally considered inherent: the time and state at which something is consumed. An immediate implication of this new definition of a good, however, is that the system of markets available in the real world is far from complete: taking all the possible combinations of attributes into account leaves the number of goods far in excess of the number of actual markets. By the same token, this relative dearth may provide a ready explanation for the recent proliferation of unusual financial innovations.
Anyone is aware of any other introductory material that I could read to improve my understanding of this theory?
Thank you.
