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Equivalent Equilibria

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  • Kandori, Michihiro

Abstract

This 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 Info

Article 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)
Pages: 401-17

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Handle: RePEc:ier:iecrev:v:29:y:1988:i:3:p:401-17

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Cited by:
  1. 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.
  2. 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.
  3. 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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