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.
Original language | English |
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Pages (from-to) | 205-213 |
Number of pages | 9 |
Journal | Economic Theory |
Volume | 11 |
Issue number | 1 |
DOIs | |
Publication status | Published - 1 Dec 1998 |