Competitive equilibria for infinite-horizon economies with incomplete markets

Alejandro D. Hernández, Manuel Santos

Research output: Contribution to journalArticle

36 Citations (Scopus)

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 languageEnglish (US)
Pages (from-to)102-130
Number of pages29
JournalJournal of Economic Theory
Volume71
Issue number1
DOIs
StatePublished - Oct 1996
Externally publishedYes

Fingerprint

Competitive equilibrium
Incomplete markets
Infinite horizon
Economics
Incomplete financial markets

ASJC Scopus subject areas

  • Economics and Econometrics

Cite this

Competitive equilibria for infinite-horizon economies with incomplete markets. / Hernández, Alejandro D.; Santos, Manuel.

In: Journal of Economic Theory, Vol. 71, No. 1, 10.1996, p. 102-130.

Research output: Contribution to journalArticle

@article{6ec5799f6f3e400d9ba9ce968c261161,
title = "Competitive equilibria for infinite-horizon economies with incomplete markets",
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.",
author = "Hern{\'a}ndez, {Alejandro D.} and Manuel Santos",
year = "1996",
month = "10",
doi = "10.1006/jeth.1996.0111",
language = "English (US)",
volume = "71",
pages = "102--130",
journal = "Journal of Economic Theory",
issn = "0022-0531",
publisher = "Academic Press Inc.",
number = "1",

}

TY - JOUR

T1 - Competitive equilibria for infinite-horizon economies with incomplete markets

AU - Hernández, Alejandro D.

AU - Santos, Manuel

PY - 1996/10

Y1 - 1996/10

N2 - 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.

AB - 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.

UR - http://www.scopus.com/inward/record.url?scp=0030268744&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=0030268744&partnerID=8YFLogxK

U2 - 10.1006/jeth.1996.0111

DO - 10.1006/jeth.1996.0111

M3 - Article

AN - SCOPUS:0030268744

VL - 71

SP - 102

EP - 130

JO - Journal of Economic Theory

JF - Journal of Economic Theory

SN - 0022-0531

IS - 1

ER -