Existence and uniqueness of Arrow-Debreu equilibria with consumptions in $\mathbf{L}^0_+$

Dmitry Kramkov

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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.

Date: 2013-04, Revised 2013-05
New Economics Papers: this item is included in nep-mic
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Published in Theory of Probability and Its Applications, Vol 60, No 4, 2016, pp. 688-695

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