Uma Concretização de um Contra-Exemplo de Mas-Collel e Zame

Paulo Monteiro

Brazilian Review of Econometrics, 1995, vol. 15, issue 1

Abstract: The incomplete markets equilibrium existence for eeonomies with a continuum of states af nature has been proven by Hellwig, Mas-Collel, Monteiro and Zame. But a hypotheses of non-negative ex-post endowments is always made. This is very restrictive. However Mas-Collel and Zame proved by means of a counter-example its indispensability. In this note I present a new connter-example. In particular I give utility functions which satisfy the difficulty and Zame.

Date: 1995
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