Existence and uniqueness of Arrow-Debreu equilibria with consumptions in $\mathbf{L}^0_+$
Probability
2017-01-31 v2 General Finance
Portfolio Management
Abstract
We consider an economy where agents' consumption sets are given by the cone 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.
Keywords
Cite
@article{arxiv.1304.3284,
title = {Existence and uniqueness of Arrow-Debreu equilibria with consumptions in $\mathbf{L}^0_+$},
author = {Dmitry Kramkov},
journal= {arXiv preprint arXiv:1304.3284},
year = {2017}
}
Comments
12 pages; a few typos were corrected and additional explanations were provided; submitted