A Model of General Equilibrium with Unforeseen Contingencies
AbstractWe present a consistent pure-exchange general equilibrium model where agents may not foreseen all possible future contingencies. Even with nominal assets and complete asset markets, in this context an equilibrium may not exist without appropriate assumptions. An intrinsic feature of the model is bankruptcy, which agents may involuntarily experience in unforeseen states.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1995073.
Date of creation: 01 Dec 1995
Date of revision:
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