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Competitive Equilibria for Infinite-Horizon Economies with Incomplete Markets

Author

Listed:
  • Alejandro Hernandez

    (Centro de Investigacion Economica (CIE), Instituto Tecnologico Autonomo de Mexico (ITAM))

  • Manuel Santos

    (Centro de Investigacion Economica (CIE), Instituto Tecnologico Autonomo de Mexico (ITAM))

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.

Suggested Citation

  • Alejandro Hernandez & Manuel Santos, 1994. "Competitive Equilibria for Infinite-Horizon Economies with Incomplete Markets," Working Papers 9407, Centro de Investigacion Economica, ITAM.
    • Handle: RePEc:cie:wpaper:9407
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    Cited by:

    1. Fernando Alvarez & Urban J. Jermann, 1998. "Asset Pricing when Risk Sharing is Limited by Default," NBER Working Papers 6476, National Bureau of Economic Research, Inc.
    2. Florenzano, Monique & Gourdel, Pascal, 1993. "Incomplete markets in infinite horizon : debt constraints versus node prices," CEPREMAP Working Papers (Couverture Orange) 9329, CEPREMAP.
    3. Monique Florenzano & Pascal Gourdel, 1996. "Incomplete Markets In Infinite Horizon: Debt Constraints Versus Node Prices1," Mathematical Finance, Wiley Blackwell, vol. 6(2), pages 167-196, April.

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