Incomplete markets in infinite horizon : debt constraints versus node prices
AbstractThe general equilibrium model with incomplete markets is here extended to infinite horizon economies populated by a finite number of infinitely lived agents. the crucial issue that divides the infinite horizon setting from the finite horizon setting is in the nature of borrowing constraints, which added to spot constraints, define a plausible budget set for individual agents. the paper relates seven alternative definitions of equilibrium and states corresponding equilibrium existence theorems when assets are one-period and purely financial. Copyright 1996 Blackwell Publishers.
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Bibliographic InfoPaper provided by CEPREMAP in its series CEPREMAP Working Papers (Couverture Orange) with number 9329.
Length: 29 pages
Date of creation: 1993
Date of revision:
Other versions of this item:
- Monique Florenzano & Pascal Gourdel, 1996. "Incomplete Markets In Infinite Horizon: Debt Constraints Versus Node Prices," Mathematical Finance, Wiley Blackwell, vol. 6(2), pages 167-196.
- Florenzano, M. & Gourdel, P., 1994. "Incomplete Markets in Infinite Horizon: Debt Constraints Versus Node Prices," Papiers d'Economie MathÃÂ©matique et Applications 94.76, UniversitÃ© PanthÃ©on-Sorbonne (Paris 1).
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