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We prove that in smooth Markovian continuous-time economies with potentially complete asset markets, Radner equilibria with endogenously complete markets exist.
Persistent link: https://www.econbiz.de/10010875283
This addendum fills a minor gap in the key lemma of a paper by Lauwers and Van Liedekerke [Lauwers, L., Van Liedekerke, L., 1995. J. Math. Econ. 24 (3), 217-237].
Persistent link: https://www.econbiz.de/10008499558
The theory of Boolean algebras can be fruitfully applied to judgment aggregation: assuming universality, systematicity and a sufficiently rich agenda, there is a correspondence between (i) non-trivial deductively closed judgment aggregators and (ii) Boolean algebra homomorphisms defined on the...
Persistent link: https://www.econbiz.de/10008521752
Abstract This article investigates the representative-agent hypothesis for a population which faces a collective choice from a given finite-dimensional space of alternatives. Each individual's preference ordering is assumed to admit a utility representation through an element of an exogenously...
Persistent link: https://www.econbiz.de/10008870863