a consol then agents' portfolios exhibit two-fund separation. However, if agents can trade only a one-period bond, this … that destroy the optimality of two-fund separation in economies with a one-period bond and result in different equilibrium …

-fund separation. However, if agents can trade only a one-period bond, this result no longer holds. The underlying intuition is that … economies with a one-period bond and result in different equilibrium portfolios. …

a consol then agents' portfolios exhibit two-fund separation. However, if agents can trade only a one-period bond, this … that destroy the optimality of two-fund separation in economies with a one-period bond and result in different equilibrium …

a consol then agents' portfolios exhibit two-fund separation. However, if agents can trade only a one-period bond, this … that destroy the optimality of two-fund separation in economies with a one-period bond and result in different equilibrium …