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contingent commodity


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Arrow–Debreu model

Kenneth Joseph Arrow (b. 1921) American economist

 

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A good that is available only if a particular event (or ‘state of the world’) occurs, for example an ice cream delivered only if the sun shines. Contingent commodities form the basis of general equilibrium models of uncertainty since a financial security can be modelled as delivering a bundle of contingent commodities. See also Arrow–Debreu economy.

Subjects: Economics.


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