Incomplete markets, continuum of states and default

A. Araujo; P. K. Monteiro; M. R. Páscoa

doi:10.1007/s001990050185

Incomplete markets, continuum of states and default

A. Araujo, P. K. Monteiro, M. R. Páscoa

NOVA School of Business and Economics (NOVA SBE)

Research output: Contribution to journal › Article

17 Citations (Scopus)

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
Pages (from-to)	205-213
Number of pages	9
Journal	Economic Theory
Volume	11
Issue number	1
DOIs	https://doi.org/10.1007/s001990050185
Publication status	Published - 1 Dec 1998

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Araujo, A., Monteiro, P. K., & Páscoa, M. R. (1998). Incomplete markets, continuum of states and default. Economic Theory, 11(1), 205-213. https://doi.org/10.1007/s001990050185

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