It is well known that, under uniform impatience, positive net supply assets are free of bubbles for non-arbitrage kernel deflators that yield finite present values of wealth. However, this does not mean that prices cannot be above the series of deflated dividends for the deflators given by the...

When infinite-lived agents trade long-lived assets secured by durable goods, equilibrium exists without any additional debt constraints or uniform impatience conditions on agents' characteristics. Also, regardless of whether assets' net supply is positive or zero, price bubbles are absent when...

In infinite horizon incomplete market economies, when the seizure of collateral guarantees is the only mechanism enforcing borrowers not to entirely default on their promises, equilibrium exists independently of the choice of collateral bundles.In these economies, we analyze if generic...

When infinite-lived agents trade long-lived assets secured by durable goods, equilibrium exists without any additional debt constraints or uniform impatience conditions on agents' characteristics. Also, price bubbles are absent when physical endowments are uniformly bounded away from zero.

We study economies where all commodities are indivisible at the individual level, but perfectly divisible at the aggregate level. Paper (fiat) money which does not influence agents preferences may be used to facilitate exchange. In a parallel paper (Florig and Rivera (2002), we introduced a...

In this paper we consider a class of pure exchange economies in which the consumption plans may be restricted to be above a minimal level. This class is parameterised by the initial endowments and the constraints on the consumption. We show that the demand functions are locally Lipschitzian and...

We study welfare and core equivalence for a competitive equilibrium defined on an economy where all commodities are indivisible at the individual level, but perfectly divisible at the aggregate level. In our model is assumed that thereexists a continuum parameter, which can be interpreted as...

We study economies where all commodities are indivisible at the individual level, but perfectly divisible at the aggregate level. Under general hypotheses over the economy, the ain contribution of this paper is the prove that a rationing equilibrium converge to aWalrasian equilibrium of a limit...

We address a general equilibrium model with limited-recourse collateralized loans. Borrowers are burden to constitute physical collateral guarantees, which are repossessed in case of default and delivered to the associated lenders. In addition, lenders may receive payments over collateral...

We develop a two period general equilibrium model with incomplete financial markets and differential information. Making endogenous the traditional informational restriction on consumption, we allow agents to obtain information from physical and financial markets. Thus, the investment in...