Abstract
In this paper we consider a sequential trading economy with incomplete financial markets and a finite number of infinitely lived agents. We propose a specification of agents' budget sets and show that such specification features several desirable properties. We then establish the existence of an equilibrium for a regular class of economies. Journal of Economic Literature Classification Numbers: C62, D52, D90.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 102-130 |
| Number of pages | 29 |
| Journal | Journal of Economic Theory |
| Volume | 71 |
| Issue number | 1 |
| DOIs | |
| State | Published - Oct 1996 |
| Externally published | Yes |
ASJC Scopus subject areas
- Economics and Econometrics
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Cite this
Hernández, A. D., & Santos, M. S. (1996). Competitive equilibria for infinite-horizon economies with incomplete markets. Journal of Economic Theory, 71(1), 102-130. https://doi.org/10.1006/jeth.1996.0111