In economics, a complete market (aka Arrow-Debreu market or complete system of markets) is a market with two conditions: 1. * Negligible transaction costs and therefore also perfect information, 2. * there is a price for every asset in every possible state of the world In such a market, the complete set of possible bets on future states of the world can be constructed with existing assets without friction. Here, goods are state-contingent; that is, a good includes the time and state of the world in which it is consumed. For instance, an umbrella tomorrow if it rains is a distinct good from an umbrella tomorrow if it is clear. The study of complete markets is central to state-preference theory. The theory can be traced to the work of Kenneth Arrow (1964), GĂ©rard Debreu (1959), Arrow & Debreu (1954) and Lionel McKenzie (1954). Arrow and Debreu were awarded the Nobel Memorial Prize in Economics (Arrow in 1972, Debreu in 1983), largely for their work in developing the theory of complete markets and applying it to the problem of general equilibrium. (Wikipedia).
Webinar: If I build it, will they come? Understanding Product-Market Fit
Learn more at: https://stanford.io/370yNcZ So your company has a product idea. How do you know if this product is worth building? Will there be a demand for it? Enter: product-market fit. Put simply, product-market fit means that there are enough people out there who will buy what your c
From playlist Leadership & Management
Understanding How Prices Work in a Free Market
Now that we know about supply and demand, we are ready to talk about prices, and how they dictate the dynamics of a free market economy. Free markets lead to an efficient distribution of resources, however there are exceptions, such as with imperfect competition and monopolies, so let's ma
From playlist Economics
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The Purpose of Mixed Economies
We've talked about free market economies and command economies, but the truth of the matter is that nearly every country on Earth utilizes a mixed economy, which blends aspects of each of the aforementioned economy types. Whether talking about the United States, European nations, or almost
From playlist Economics
Types of Goods and the Four Main Economic Systems
With microeconomics covered it's time to dive into macroeconomics! We will begin by looking at the four main economic systems. This will require that understand the types of goods and services, those being rivalrous or non-rivalrous, excludable or non-excludable, with these labels mixing a
From playlist Economics
Unit 7 - no price discrimination part 1
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From playlist Applications of Definite Integration
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From playlist Email Marketing Training [2022 Updated]
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Social Media Selling | Social Media Marketing Tutorial | Simplilearn
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What Does It Take To Be A Global Marketer Today? | Sandeep Menon - Sr. Marketing Director, Google
Today, businesses are racing to create innovative products/offerings that meet and exceed customer expectations in a highly-connected and digital world. From simultaneous global launches to shorter release timelines, and the increased pressure to stand out from the crowd, the role of produ
From playlist Simplilearn Live
Salesforce Careers - Why Consider A Career In Salesforce | Salesforce Training Video | Simplilearn
This Salesforce Training Video will help you understand about Salesforce , Salesforce market situation, Salesforce job trends, Salesforce career options and how Salesforce is safe career option in this roller coaster market. With Salesforce emerging as the clear winner in the Cloud platfor
From playlist Simplilearn Live
This video is a precursor to the market experiment we'll be doing in class. "Market Prologue" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
From playlist Microeconomics modules