Incomplete markets, continuum of states and default
We show that when bankruptcy, subject to penalties, is allowed, it is possible to prove the existence of equilibrium in a model with a continuum of states without imposing any assumptions on ex-post endowments.
Volume (Year): 11 (1997)
Issue (Month): 1 ()
|Note:||Received: November 20, 1995; revised version: September 16, 1996|
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