equilibrium (with transfers) is no-trade. …

This note provides an intuitive and simple proof of the existence of equilibrium in an incomplete ffnancial economy …

We address the fundamental issues of existence and efficiency of an equilibrium in a Ramsey model with many agents … bubbles is also tackled. In the first part, we prove the equilibrium existence in a truncated bounded economy through a fixed …-point argument by Gale and Mas-Colell (1975). This equi- librium is also an equilibrium of any unbounded economy with the same …

dimensional asset markets models, are not sufficient to ensure existence of equilibrium in presence of an inffnite num- ber of … states of nature. However, if the individually rational utility set U is compact, we obtain an equilibrium. We give … conditions which imply the compactness of U. We give examples of non-existence of equilibrium when these conditions do not hold. …

We address the issues of existence of Ramsey equilibrium under bor- rowing constraints and occurrence of rational … bounded, we prove that there exists an equilibrium in a time-truncated bounded economy by Gale and Mas-Colell's (1975) theorem …. Actually, this equilibrium turns out to be an equilibrium for the time-truncated economy as the uniform bounds are relaxed, as …

We consider a general equilibrium model with heterogeneous agents, borrowing constraints, and exogenous labor supply …. Last, we prove that with linear technologies, every intertemporal equilibrium is efficient. Moreover, there is a room for …

This paper examines the equilibrium of financial portfolios under insurance …