A theory of general economic equilibrium with incomplete financial markets is developed with many new features … money. To this end, equilibrium is given a variational formulation that brings fresh tools to the subject. A different way … framework of the model, the proof of equilibrium is able moreover to proceed under far weaker assumptions than usual on the …

equilibrium is unique if the income process is AR(1), but not necessarily so otherwise. With Gaussian shocks, I provide general … equilibrium …

In a standard general equilibrium model it is assumed that there are no price restictionsand that prices adjust … infinitely fast to their equilibrium values. In this paper the set ofadmissible prices is allowed to be an arbitrary convex set …. For such an arbitrary set it cannotbe guaranteed that there exists a constrained equilibrium satisfying the usual …

establishes the existence of sequential competitive equilibrium, generalized recursive equilibrium, recursive equilibrium with an … extended-state space, and characterizes several important properties of the equilibrium variables. The equilibrium process … shocks such as Huggett (1997)'s economy. However, the existence of recursive equilibrium with the natural minimal state space …

admissible prices. We introduce a new equilibrium concept, called quantity constrained equilibrium (QCE), giving a unified …. Moreover, the set contains for every commodity a generalized Dreze equilibrium, being a QCE at which for that commodity no … binding trade opportunities on both supply and demand are expected, and also a generalized supply-constrained equilibrium at …

equilibrium model and rely on arguments from convex analysis. This methodology does not only give rise to a convergent iterative …

Eisenberg and Gale [1959] showed that market equilibrium in Fisher's model with linear utility functions could be … concave and linearly homogeneous functions. Eisenberg's result can be used to establish that market equilibrium in economic … the existence of equilibrium prices of the consumable goods by solving a concave-linear optimization problem, whose …

conditions identified here even more broadly than usual, except for concavity in place of quasi-concavity, every equilibrium will … at all on utility, whereas other goods, although insatiably interesting, may anyway end up at zero in equilibrium. Recent … way toward further developments in which an equilibrium might evolve in response to exogenous inputs to the agents …