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

DOI10.1137/S0040585X97T987958zbMATH Open1352.91025arXiv1304.3284OpenAlexW3104278368MaRDI QIDQ3178734FDOQ3178734

Authors: Dmitry Kramkov 

Publication date: 7 December 2016

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

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.

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

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zbMATH Keywords

Arrow-Debreu equilibriumPareto allocation

Mathematics Subject Classification ID

General equilibrium theory (91B50)

Cites Work

• Title not available (Why is that?)
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• Financial markets in continuous time. Translated from the French by Anna Kennedy
• 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

Cited In (7)

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

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