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Equivalent Equilibria

  • Kandori, Michihiro

This paper provides a way to formulate a general equilibrium model with both infinite time horizon and continuous uncertainty by 2.space, and provides a si mple proof of the equiva-lence of equilibria in complete markets, inc omplete markets with sequential trading, and incomplete markets with one-shot trades in single consumer economies. The proof is general in the sense that it does not assume time-homogeneous structure nor smo othness of preferences. The result guarantees that one can avoid comp licated calculations to get rational expectation asset prices in a br oad class of single consumer models. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 29 (1988)
Issue (Month): 3 (August)
Pages: 401-17

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Handle: RePEc:ier:iecrev:v:29:y:1988:i:3:p:401-17
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