Existence of equilibria with infinitely many goods,incomplete markets and bankruptcy
We prove the equilibrium existence of incomplete markets economies with an uncountable number of states without any special hypothesis on endowments by the introduction of bankruptcy.
|Date of creation:||08 Jun 1994|
|Date of revision:||13 Jun 1994|
|Note:||15 pages.This is a revised version of a paper with the same title.|
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- William R. Zame, 1990.
"Efficiency and the Role of Default When Security Markets are Incomplete,"
UCLA Economics Working Papers
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- Monteiro, Paulo Klinger, 1996.
"A new proof of the existence of equilibrium in incomplete market economies,"
Journal of Mathematical Economics,
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- Paulo Klinger Monteiro, 1994. "A New Proof Of The Existence Of Equilibrium In Incomplete Markets Economies," GE, Growth, Math methods 9410001, EconWPA.
- Paulo Klinger Monteiro, 1994. "A concretization of Mas-Colell and Zame's counter-example," GE, Growth, Math methods 9406002, EconWPA, revised 20 Oct 1994.
- Mas-Colell, Andreu & Zame, William R., 1996. "The existence of security market equilibrium with a non-atomic state space," Journal of Mathematical Economics, Elsevier, vol. 26(1), pages 63-84.
- Hellwig, Martin, 1996. "Rational expectations equilibria in sequence economies with symmetric information: The two-period case," Journal of Mathematical Economics, Elsevier, vol. 26(1), pages 9-49.
- Pradeep Dubey & John Geanakoplos & Martin Shubik, 1988. "Default and Efficiency in a General Equilibrium Model with Incomplete Markets," Cowles Foundation Discussion Papers 879R, Cowles Foundation for Research in Economics, Yale University, revised Feb 1989.
- Mas-Colell, Andreu & Monteiro, Paulo K., 1996. "Self-fulfilling equilibria: An existence theorem for a general state space," Journal of Mathematical Economics, Elsevier, vol. 26(1), pages 51-62.
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