COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
AT YALE UNIVERSITY

Box 208281
New Haven, CT 06520-8281

COWLES FOUNDATION DISCUSSION PAPER NO. 1136

Prices, Asset Markets and Indeterminacy

H. M. Polemarchakis and P. Siconolfi

November 1996

Competitive equilibrium allocations are indeterminate when the net trades in commodities are constrained, while the asset market is incomplete.