AbstractThis paper provides a way to formulate a general equilibrium model with both infinite time horizon and continuous uncertainty by 2.space, and provides a si mple proof of the equiva-lence of equilibria in complete markets, inc omplete markets with sequential trading, and incomplete markets with one-shot trades in single consumer economies. The proof is general in the sense that it does not assume time-homogeneous structure nor smo othness of preferences. The result guarantees that one can avoid comp licated calculations to get rational expectation asset prices in a br oad class of single consumer models. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Bibliographic InfoArticle provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.
Volume (Year): 29 (1988)
Issue (Month): 3 (August)
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- Kevin X. D. Huang & Jan Werner, 2000.
"Implementing Arrow-Debreu Equilibria by Trading Infinitely-Lived Securities,"
Econometric Society World Congress 2000 Contributed Papers
1708, Econometric Society.
- Kevin Huang & Jan Werner, 2004. "Implementing Arrow-Debreu equilibria by trading infinitely-lived securities," Economic Theory, Springer, vol. 24(3), pages 603-622, October.
- Kevin X.D. Huang & Jan Werner, 2002. "Implementing Arrow-Debreu equilibria by trading infinitely-lived securities," Research Working Paper RWP 02-08, Federal Reserve Bank of Kansas City.
- K. Huang & Z. Liu, . "Implementing Arrow-Debreu equilibria by trading infinitely lived securities," Working Papers 2000-21, Utah State University, Department of Economics.
- Montrucchio, Luigi & Privileggi, Fabio, 1999.
"On Fragility of Bubbles in Equilibrium Asset Pricing Models of Lucas-Type,"
POLIS Working Papers
5, Institute of Public Policy and Public Choice - POLIS.
- Montrucchio, Luigi & Privileggi, Fabio, 2001. "On Fragility of Bubbles in Equilibrium Asset Pricing Models of Lucas-Type," Journal of Economic Theory, Elsevier, vol. 101(1), pages 158-188, November.
- Luigi Montrucchio & Fabio Privileggi, 2001. "On Fragility of Bubbles in Equilibrium Asset Pricing Models of Lucas-Type," ICER Working Papers - Applied Mathematics Series 05-2001, ICER - International Centre for Economic Research.
- Kevin X.D. Huang & Jan Werner, 1997. "Valuation bubbles and sequential bubbles," Economics Working Papers 303, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 1997.
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