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- W2003018575 abstract "This paper constructs a model of an exchange economy in which bankruptcy arises in a manner similar to what we observe. Compared to related models, this model is a more realistic representation of some markets in which intertemporal assets are traded. Using standard and natural assumptions, it is shown that every economy represented by this model has an equilibrium. Therefore, bankruptcy can co-exist with smoothly functioning competitive markets in fairly general economies. Examples highlight some welfare effects of bankruptcy." @default.
- W2003018575 created "2016-06-24" @default.
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- W2003018575 date "2003-01-08" @default.
- W2003018575 modified "2023-10-17" @default.
- W2003018575 title "Competitive Equilibria With Incomplete Markets and Endogenous Bankruptcy" @default.
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- W2003018575 doi "https://doi.org/10.2202/1534-5971.1060" @default.
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