Equivalent Equilibria

Michihiro Kandori

International Economic Review, 1988, vol. 29, issue 3, 401-17

Abstract: This paper provides a way to formulate a general equilibrium model with both infinite time horizon and continuous uncertainty by 2.space, and provides a si mple proof of the equiva-lence of equilibria in complete markets, inc omplete markets with sequential trading, and incomplete markets with one-shot trades in single consumer economies. The proof is general in the sense that it does not assume time-homogeneous structure nor smo othness of preferences. The result guarantees that one can avoid comp licated calculations to get rational expectation asset prices in a br oad class of single consumer models. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1988
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