Title: Infinite Horizon Equilibrium with Incomplete Markets
Abstract: Abstract Competitive equilibrium in a broad class of economies with production, market incompleteness and varying degrees of market participation is studied. Equilibria are characterized as limits of finite horizon truncated equilibria. The key assumption is one of extensibility, meaning that there are short sales restrictions adequate to prevent traders from acquiring debt that they will not be able to honor ex post.
Publication Year: 1986
Publication Date: 1986-09-01
Language: en
Type: preprint
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