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Unawareness and bankruptcy: A general equilibrium model

Listed author(s):
  • Salvatore Modica

    (Universita di Palermo - Università di Palermo)

  • Aldo Rustichini

    (CentER - Tilburg University)

  • Jean-Marc Tallon

    ()

    (M.A.D. - UP1 - Université Panthéon-Sorbonne)

We present a consistent pure-exchange general equilibrium model where agents may not be able to foresee all possible future contingencies. In this context, even with nominal assets and complete asset markets, an equilibrium may not exist without appropriate assumptions. Specific examples are provided. An existence result is proved under the main assumption that there are sufficiently many states that all the agents foresee. An intrinsic feature of the model is bankruptcy, which agents may involuntarily experience in the unforeseen states.

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Paper provided by HAL in its series Post-Print with number halshs-00499386.

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Date of creation: Aug 1998
Publication status: Published in Economic Theory, Springer Verlag, 1998, 12 (2), pp.259-292. <10.1007/s001990050221>
Handle: RePEc:hal:journl:halshs-00499386
DOI: 10.1007/s001990050221
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00499386
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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