The Existence of Competitive Equilibria when the Asset Market is Incomplete: A Short Proof and Further Results
When the asset market is incomplete, and assets are traded at an initial contracting period, competitive equilibria may fail to exist. This may occur in a robust economy with asset payoffs denominated in a numeraire commodity. Restrictions on the asset structure guarantee the existence of competitive equilibria; consumption during the contracting period can be interpreted as such a restriction. When asset payoffs are denominated in multiple commodities, competitive equilibria exist generically.
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|Date of creation:||Aug 1989|
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