Competitive Equilibria for Infinite-Horizon Economies with Incomplete Markets
AbstractIn this paper we consider a sequential trading economy with incomplete financial markets and a finite number of infinitely lived agents. We propose a specification of agents' budget sets and show that such specification features several desirable properties. We then establish the existence of an equilibrium for a regular class of economies.
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Bibliographic InfoPaper provided by Centro de Investigacion Economica, ITAM in its series Working Papers with number 9407.
Length: 34 pages
Date of creation: 1994
Date of revision:
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- Fernando Alvarez & Urban J Jermann, 2010.
"Asset Pricing When Risk Sharing is Limited by Default,"
Levine's Working Paper Archive
1898, David K. Levine.
- Fernando Alvarez & Urban J. Jermann, 1998. "Asset Pricing when Risk Sharing is Limited by Default," NBER Working Papers 6476, National Bureau of Economic Research, Inc.
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