SELF-FULFILLING EQUILIBRIA - AN EXISTENCE THEOREM FOR A GENERAL STATE-SPACE

Authors
MASCOLELL A MONTEIRO PK
Citation
A. Mascolell et Pk. Monteiro, SELF-FULFILLING EQUILIBRIA - AN EXISTENCE THEOREM FOR A GENERAL STATE-SPACE, Journal of mathematical economics, 26(1), 1996, pp. 51-62
Citations number
15
Categorie Soggetti
Social Sciences, Mathematical Methods",Economics,"Mathematical, Methods, Social Sciences
Journal title
Journal of mathematical economics → ACNP
ISSN journal
03044068
Volume
26
Issue
1
Year of publication
1996
Pages
51 - 62
Database
ISI
SICI code
0304-4068(1996)26:1<51:SE-AET>2.0.ZU;2-Y
Abstract
It is shown that under a weak regularity, a two-period incomplete mark et economy with a finite number of assets and general (e.g. uncountabl e) state spaces has an equilibrium. General state spaces are important in applications. The proof proceeds by establishing the existence of self-fulfilling spot price expectations possessing a strong continuity with respect to asset trades.