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 …

We provide results on the existence and uniqueness of equilibrium in dynamically incomplete financial markets in … the financial market we show that a one-fund theorem holds and give an explicit expression for the equilibrium pricing … kernel. If the underlying noise is generated by finitely many Bernoulli random walks, the equilibrium dynamics can be …

We propose an equilibrium framework within which to price financial securities written on non- tradable underlyings … equilibrium result for derivative prices and characterize the equilibrium market price of risk in terms of a solution to a non …-linear BSDE. -- Backward stochastic differential equations ; dynamic risk measures ; partial equilibrium ; equilibrium pricing …

elasticities of the crucial functions defining the aggregate equilibrium dynamics of the model. This allows us to study how market …

concluding a new contract in the present. Also, GEI-equilibrium is described as (ii) applied to all states of the world. This …

Uniqueness of equilibrium is a relatively unexplored issue in incomplete markets compared with complete markets. This … work shows that one-fund separation is sufficient for the uniqueness of equilibrium in a special class of incomplete … equilibrium to exhibit one-fund separation in incomplete market economies, in which two agents have identical homothetic …

closed-form for the equilibrium dynamics under a finite or infinite horizon. Multiple steady states and poverty traps can …, the local dynamics around a steady state are locally unique, totally unstable or locally undetermined, and the equilibrium …

to analyze feedback effects between growth and inequality, both endogenously determined in equilibrium. We derive …