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• W2605209576 abstract "We prove the existence and efficiency of equilibrium in economies with infinitely many consumers in which there are finitely many agents who own a positive portion of the aggregate endowment. We prove existence for commodity spaces which are employed in the general equilibrium asset pricing models and use incomplete and intransitive preferences. We discuss the importance of existence of finitely many agents who own a positive portion of the aggregate endowment in obtaining efficient equilibrium. For general equilibrium asset pricing applications we require forward properness only at individually rational Pareto optimal allocations. We provide an Arrow-Debreu model for these economies. We also give an application of our approach and results by employing Stochastic Differential Utility as the utility of each consumer in an infinite horizon model." @default.
• W2605209576 created "2017-04-14" @default.
• W2605209576 creator A5003922094 @default.
• W2605209576 date "2000-03-01" @default.
• W2605209576 modified "2023-09-26" @default.
• W2605209576 title "Existence and efficiency of equilibrium in infinite economies with finite aggregate wealth" @default.
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• W2605209576 doi "https://doi.org/10.1007/s001990050015" @default.
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