On the existence of personal equilibria

Laurence Carassus and Mikl\'os R\'asonyi

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Abstract: We consider an investor who, while maximizing his/her expected utility, also compares the outcome to a reference entity. We recall the notion of personal equilibrium and show that, in a multistep, generically incomplete financial market model such an equilibrium indeed exists, under appropriate technical assumptions.

Date: 2025-12
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2512.08348

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