researchers have used options to extract Arrow–Debreu prices for a variety of applications in financial economics. Accounting for the existence of money Typically, economists consider the functions of money to be as a unit of account, store of value, medium of exchange, and standard of deferred payment. This is however incompatible with the Arrow–Debreu complete market described above. In the complete market, there is only a one-time transaction at the market "at the beginning of time". After that, households and producers merely execute their planned productions, consumptions, and deliveries of commodities until the end of time. Consequently, there is no use for storage of value or medium of exchange. This applies not just to the Arrow–Debreu complete market, but also to models (such as those with markets of contingent commodities and Arrow insurance contracts) that differ in form, but are mathematically equivalent to it. Computing general equilibria Scarf (1967) was the first algorithm that computes the general equilibrium. See Scarf (2018) and Kubler (2012) for reviews. Number of equilibria Certain economies at certain endowment vectors may have infinitely equilibrium price vectors. However, "generically", an economy has only finitely many equilibrium price vectors. Here, "generically" means "on all points, except a closed set of Lebesgue measure zero", as in Sard's theorem. There are many such genericity theorems. One example is the following: See also Model (economics) Incomplete markets Fisher market - a simpler market model, in which the total quantity of each product is given, and each buyer comes only with a monetary budget. List of asset pricing articles References Further reading External links Notes on the Arrow–Debreu–McKenzie Model of an Economy, Prof. Kim C. Border California Institute of Technology "The Fundamental Theorem" of Finance; part II. Prof. Mark Rubinstein, Haas School of Business General equilibrium theory Financial models 1954 in economics