Incomplete markets, continuum of states and default

We show that when bankruptcy, subject to penalties, is allowed, it is possible to prove the existence of equilibrium in a model with a continuum of states without imposing any assumptions on ex-post endowments.

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Year of publication:	1997-11-17
Authors:	Araujo, A. ; Páscoa, M. R. ; Monteiro, P. K.
Published in:	Economic Theory. - Springer. - Vol. 11.1997, 1, p. 205-213
Publisher:	Springer

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Extent:	application/pdf application/postscript
Type of publication:	Article
Notes:	Received: November 20, 1995; revised version: September 16, 1996
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005753357