Cass (1984) provided an existence theorem for financial equilibria in incomplete markets with exogenous yields. His theorem showed that, when agents had symmetric information and ordered preferences, equilibria existed on purely nancial markets, consistently with any collection of state prices....

We had proposed earlier a general equilibrium model with incomplete financial markets and asymmetric information, where agents forecasted prices privately without rational expectations. Consistently, they anticipated idiosyncratic sets of future prices and elected probability laws on these sets,...

We consider a pure exchange financial economy, where rational agents, possibly asymmetrically informed, forecast prices privately with no model of how they are determined. Therefore, agents face both ‘exogenous uncertainty’ on the future state of nature, and ‘endogenous uncertainty’ on...