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Incomplete markets, continuum of states and default

Aloisio Araujo, Mario Pascoa and Paulo Monteiro

Economic Theory, 1997, vol. 11, issue 1, 205-213

Abstract: We show that when bankruptcy, subject to penalties, is allowed, it is possible to prove the existence of equilibrium in a model with a continuum of states without imposing any assumptions on ex-post endowments.

Date: 1997-11-17
Note: Received: November 20, 1995; revised version: September 16, 1996
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