Arrow-Debreu equilibria with asymptotically heterogeneous expectations exist

Frank Riedel

No 2001,28, SFB 373 Discussion Papers from Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes

Abstract: In infinite horizon economies only local equivalence of beliefs is needed to ensure the existence of an Arrow-Debreu equilibrium. In fact, agents can even disagree completely in the long run in the sense that asymptotically, their beliefs are singular.

Keywords: Heterogeneous expectations; Arrow-Debreu equilibrium (search for similar items in EconPapers)
JEL-codes: D51 D84 (search for similar items in EconPapers)
Date: 2001
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Journal Article: Arrow-Debreu equilibria with asymptotically heterogeneous expectations exist (2003)
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