Non-existence of recursive equilibria on compact state spaces when markets are incomplete

This paper analyzes one-good exchange economies with two infinitely lived agents and incomplete markets. It is shown that there are no recursive (Markov) equilibria for which borrowing (debt) constraints never bind if the state space of exogenous and endogenous variables is a compact subset of R n ....

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Bibliographic details

Volume:	115
Main Author:	Krebs, Tom
Format:	Journal Article
Language:	English
Zielgruppe:	Academic
Place of publication:	SAN DIEGO Elsevier Inc 2004 ACADEMIC PRESS INC ELSEVIER SCIENCE Elsevier Elsevier B.V
published in:	Journal of economic theory Vol. 115; no. 1; pp. 134 - 150
Data of publication:	2004
ISSN:	0022-0531 1095-7235
EISSN:	1095-7235
Discipline:	Economics
Series:	Journal of Economic Theory
Subjects:	Recursive equilibrium Incomplete markets Non-Existence Economics Business & Economics Social Sciences Exchanges (Finance) Equilibrium (Economics) Analysis United States D52 Recursive equilibrium Incomplete markets D50 Non-Existence EXISTENCE INFINITE-HORIZON ECONOMIES PRICES recursive equilibrium SECURITIES INCOME non-existence RISK incomplete markets EXPECTATIONS
Online Access:	available in Bonn?
Database:	Social Sciences Citation Index Web of Knowledge Web of Science - Social Sciences Citation Index - 2004 Web of Science RePEc RePEc IDEAS CrossRef Academic OneFile (A&I only) Database information Databases - DBIS