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

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Author Info

  • A.Araujo

    (Instituto de Matematica Pura e Aplicada Estrada Dona Castorina 110,Rio de Janeiro RJ,22460-320,Brazil)

  • P.K.Monteiro
  • M.Pascoa

Abstract

We prove the equilibrium existence of incomplete markets economies with an uncountable number of states without any special hypothesis on endowments by the introduction of bankruptcy.

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Bibliographic Info

Paper provided by EconWPA in its series GE, Growth, Math methods with number 9406001.

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Length: 15 pages
Date of creation: 08 Jun 1994
Date of revision: 13 Jun 1994
Handle: RePEc:wpa:wuwpge:9406001

Note: 15 pages.This is a revised version of a paper with the same title.
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Web page: http://128.118.178.162

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  1. 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.
  2. Monteiro, Paulo Klinger, 1996. "A new proof of the existence of equilibrium in incomplete market economies," Journal of Mathematical Economics, Elsevier, vol. 26(1), pages 85-101.
  3. 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.
  4. William R. Zame, 1990. "Efficiency and the Role of Default When Security Markets are Incomplete," UCLA Economics Working Papers 585, UCLA Department of Economics.
  5. Paulo Klinger Monteiro, 1994. "A concretization of Mas-Colell and Zame's counter-example," GE, Growth, Math methods 9406002, EconWPA, revised 20 Oct 1994.
  6. 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.
  7. 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.
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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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