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A Model of General Equilibrium with Unforeseen Contingencies

Author

Listed:
  • MODICA, Salvatore

    (Universita di Palermo)

  • RUSTICHINI, Aldo

    (Université catholique de Louvain)

  • TALLON, Jean-Marie

    (CNRS-MAD, Université Paris I)

Abstract

We present a consistent pure-exchange general equilibrium model where agents may not foreseen all possible future contingencies. Even with nominal assets and complete asset markets, in this context an equilibrium may not exist without appropriate assumptions. An intrinsic feature of the model is bankruptcy, which agents may involuntarily experience in unforeseen states.

Suggested Citation

  • MODICA, Salvatore & RUSTICHINI, Aldo & TALLON, Jean-Marie, 1995. "A Model of General Equilibrium with Unforeseen Contingencies," LIDAM Discussion Papers CORE 1995073, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1995073
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    File URL: https://sites.uclouvain.be/core/publications/coredp/coredp1995.html
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    Cited by:

    1. Dekel, Eddie & Lipman, Barton L. & Rustichini, Aldo, 1998. "Recent developments in modeling unforeseen contingencies," European Economic Review, Elsevier, vol. 42(3-5), pages 523-542, May.
    2. Aloisio Araujo, 2002. "As Leis de Falência: uma Abordagem Econômica," Working Papers Series 57, Central Bank of Brazil, Research Department.

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