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 |
Fingerprint
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 journal › Article
}
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 -