Discreteness of equilibria in incomplete markets with a continuum of states

Article Abstract:

Issues related to incomplete markets are examined in detail. Local uniqueness and its relationship with incomplete market equilibria, is also examined.

Economic aspects

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The set of equilibria of first-price auctions

Article Abstract:

Equilibrium functions, which examine valuation distribution in bids, are proposed.

Science & research, Brazil, Research, Evaluation, Letting of contracts, Competitive bidding, Financial analysis

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A new proof of the existence of equilibrium in incomplete market economies

Article Abstract:

An incomplete markets equilibrium existence theorem employing finite-dimensional truncations of utilities, endowments and asset returns is shown to be valid. This finite-dimensional economy has an equilibrium and every consumer maximization problem satisfies Slater's condition. Hence, corresponding to every budget constraint is a Lagrange multiplier. The consumer's set of Lagrangian multipliers can be regarded as truncations of infinite-dimensional multipliers of the limit economy.

Models, Capitalism

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