caa a22 4500 38630873X CHVBK 20180307111538.0 cr unu---uuuuu 161130e198809 xx s 000 0 eng 10.2307/2331071 doi S0022109000013156 pii (NATIONALLICENCE)cambridge-10.2307/2331071 Nielsen Lars Tyge Uniqueness of Equilibrium in the Classical Capital Asset Pricing Model [Elektronische Daten] [Lars Tyge Nielsen] General equilibrium in the classical two-period mean-variance capital asset pricing model is not unique. Corresponding to one single set of expectations, utility functions, and an initial wealth distribution, there may be several equilibria, and an asset may have different prices, expected rates of return, and betas in different equilibria. However, any equilibrium portfolio is sustained by a unique price system, and if investors have decreasing risk aversion, then any equilibrium allocation of the risky assets is sustained by a unique price system. Copyright © School of Business Administration, University of Washington 1988 Journal of Financial and Quantitative Analysis Cambridge University Press 23/3(1988-09), 329-336 0022-1090 23:3<329 1988 23 JFQ https://doi.org/10.2307/2331071 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2331071 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Nielsen Lars Tyge NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 23/3(1988-09), 329-336 0022-1090 23:3<329 1988 23 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge