Existence and uniqueness of Arrow-Debreu equilibria with consumptions in L^0_+

DOI10.1137/S0040585X97T987958MaRDI QIDQ3178734zbMATH OpenOpenAlexFDO

Authors Dmitry Kramkov

Publication date 7 December 2016

Published in Theory of Probability & Its Applications (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/1304.3284

zbMATH Keywords

Arrow-Debreu equilibriumPareto allocation

Mathematics Subject Classification ID

General equilibrium theory (91B50)

Abstract: We consider an economy where agents' consumption sets are given by the cone $mathbf{L}_{+}^0$ of non-negative measurable functions and whose preferences are defined by additive utilities satisfying the Inada conditions. We extend to this setting the results in citet{Dana:93} on the existence and uniqueness of Arrow-Debreu equilibria. In the case of existence, our conditions are necessary and sufficient.

Recommendations

• Existence, uniqueness and determinacy of Arrow-Debreu equilibria in finance models
• Uniqueness of Arrow-Debreu and Arrow-Radner equilibrium when utilities are additively separable
• On the Existence of an Arrow-Radner Equilibrium in the Case of Complete Markets. A Remark
• Arrow-Debreu equilibria with asymptotically heterogeneous expectations exist
• Existence and Uniqueness of Equilibria When Preferences are Additively Separable

Cites work

• scientific article; zbMATH DE number 1095739 (Why is no real title available?)
• scientific article; zbMATH DE number 1869272 (Why is no real title available?)
• Existence and Uniqueness of Equilibria When Preferences are Additively Separable
• Existence of an endogenously complete equilibrium driven by a diffusion
• Existence, uniqueness and determinacy of Arrow-Debreu equilibria in finance models
• Financial markets in continuous time. Translated from the French by Anna Kennedy
• Microeconomic theory

Cited in

(8)

• Arrow-Debreu equilibria with asymptotically heterogeneous expectations exist
• Uniqueness of Arrow-Debreu and Arrow-Radner equilibrium when utilities are additively separable
• Existence and Uniqueness of Equilibria When Preferences are Additively Separable
• Existence, uniqueness and determinacy of Arrow-Debreu equilibria in finance models
• Arrow-Debreu equilibria for rank-dependent utilities with heterogeneous probability weighting
• Equilibrium in a production economy
• Dynamic equilibrium with insider information and general uninformed agent utility
• Existence of an endogenously complete equilibrium driven by a diffusion

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