Incomplete markets, continuum of states and default
| ISSN: |
1432-0479
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JEL Classification Number: D52.
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| Source: |
Springer Online Journal Archives 1860-2000
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| Topics: |
Economics
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| Notes: |
Summary. We show that when bankruptcy, subject to penalties, is allowed, it is possible to prove the existence of equilibrium in a model with a continuum of states without imposing any assumptions on ex-post endowments.
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| Type of Medium: |
Electronic Resource
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| URL: |