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Existence of equilibria with infinitely many goods, incomplete markets and bankruptcy

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Author Info

  • A.Araujo
  • P.K.Monteiro
  • M. Pascoa

    (Instituto de Matematica Pura e Aplicada)

Abstract

We prove equilibrium existence for economies with separable utilities, uncountable state space, incomplete markets without any special assumptions on endowments

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File URL: ftp://ftp.repec.org/RePEc/wop/impaec/impaec_001.ps
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Bibliographic Info

Paper provided by Instituto de Matematica Pura e Aplicada de Rio de Janeiro in its series Working Papers with number _001.

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Date of creation: 1994
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Handle: RePEc:wop:impaec:_001

Note: Paper is also available by e-mail:pklm@impa.br (as a postscript file, compressed and encoded)
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Web page: http://www.impa.br/pesquisa/pesquisa_areas_de_pesquisa/pesquisa_areas_de_pesquisa_economia_matematica/
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Keywords: equilibrium + incomplete markets + bankruptcy + penality functions;

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References

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  1. Paulo Klinger Monteiro, 1994. "A New Proof Of The Existence Of Equilibrium In Incomplete Markets Economies," GE, Growth, Math methods 9410001, EconWPA.
  2. William R. Zame, 1990. "Efficiency and the Role of Default When Security Markets are Incomplete," UCLA Economics Working Papers 585, UCLA Department of Economics.
  3. Mas-Colell, Andreu & Monteiro, Paulo K., 1996. "Self-fulfilling equilibria: An existence theorem for a general state space," Journal of Mathematical Economics, Elsevier, vol. 26(1), pages 51-62.
  4. Hellwig, Martin, 1996. "Rational expectations equilibria in sequence economies with symmetric information: The two-period case," Journal of Mathematical Economics, Elsevier, vol. 26(1), pages 9-49.
  5. Pradeep Dubey & John Geanakoplos & Martin Shubik, 1988. "Default and Efficiency in a General Equilibrium Model with Incomplete Markets," Cowles Foundation Discussion Papers 879R, Cowles Foundation for Research in Economics, Yale University, revised Feb 1989.
  6. Mas-Colell, Andreu & Zame, William R., 1996. "The existence of security market equilibrium with a non-atomic state space," Journal of Mathematical Economics, Elsevier, vol. 26(1), pages 63-84.
  7. Paulo Klinger Monteiro, 1994. "A concretization of Mas-Colell and Zame's counter-example," GE, Growth, Math methods 9406002, EconWPA, revised 20 Oct 1994.
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Cited by:
  1. Duffie, Darrell, 1996. "Incomplete security markets with infinitely many states: An introduction," Journal of Mathematical Economics, Elsevier, vol. 26(1), pages 1-8.

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