Equilibrium existence in infinite horizon economies
Autor(a) principal: | |
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Data de Publicação: | 2012 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/15685 |
Resumo: | In sequential economies with finite or infinite-lived real assets in positive net supply, we introduce constraints on the amount of borrowing in terms of the market value of physical endowments. We show that, when utility functions are either unbounded and separable in states of nature or separable in commodities, these borrowing constraints not only preclude Ponzi schemes but also induce endogenous Radner bounds on short-sales. Therefore, we obtain existence of equilibrium. Moreover, equilibrium also exists when both assets are numéraire and utility functions are quasilinear in the commodity used as numéraire. |
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Equilibrium existence in infinite horizon economiesEquilibriumInfinite horizon incomplete marketsInfinite-lived real assetsIn sequential economies with finite or infinite-lived real assets in positive net supply, we introduce constraints on the amount of borrowing in terms of the market value of physical endowments. We show that, when utility functions are either unbounded and separable in states of nature or separable in commodities, these borrowing constraints not only preclude Ponzi schemes but also induce endogenous Radner bounds on short-sales. Therefore, we obtain existence of equilibrium. Moreover, equilibrium also exists when both assets are numéraire and utility functions are quasilinear in the commodity used as numéraire.Springer VerlagRepositório da Universidade de LisboaMoreno-García, EmmaTorres-Martínez, Juan Pablo2018-06-21T14:52:27Z2012-082012-08-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/15685engMoreno-García, Emma e Juan Pablo Torres-Martínez (2012). "Equilibrium existence in infinite horizon economies". Portuguese Economic Journal, 11(2):127-1451617-982X (print)10.1007/s10258-012-0079-2metadata only accessinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-04-30T01:30:44Zoai:www.repository.utl.pt:10400.5/15685Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:01:17.949507Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Equilibrium existence in infinite horizon economies |
title |
Equilibrium existence in infinite horizon economies |
spellingShingle |
Equilibrium existence in infinite horizon economies Moreno-García, Emma Equilibrium Infinite horizon incomplete markets Infinite-lived real assets |
title_short |
Equilibrium existence in infinite horizon economies |
title_full |
Equilibrium existence in infinite horizon economies |
title_fullStr |
Equilibrium existence in infinite horizon economies |
title_full_unstemmed |
Equilibrium existence in infinite horizon economies |
title_sort |
Equilibrium existence in infinite horizon economies |
author |
Moreno-García, Emma |
author_facet |
Moreno-García, Emma Torres-Martínez, Juan Pablo |
author_role |
author |
author2 |
Torres-Martínez, Juan Pablo |
author2_role |
author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Moreno-García, Emma Torres-Martínez, Juan Pablo |
dc.subject.por.fl_str_mv |
Equilibrium Infinite horizon incomplete markets Infinite-lived real assets |
topic |
Equilibrium Infinite horizon incomplete markets Infinite-lived real assets |
description |
In sequential economies with finite or infinite-lived real assets in positive net supply, we introduce constraints on the amount of borrowing in terms of the market value of physical endowments. We show that, when utility functions are either unbounded and separable in states of nature or separable in commodities, these borrowing constraints not only preclude Ponzi schemes but also induce endogenous Radner bounds on short-sales. Therefore, we obtain existence of equilibrium. Moreover, equilibrium also exists when both assets are numéraire and utility functions are quasilinear in the commodity used as numéraire. |
publishDate |
2012 |
dc.date.none.fl_str_mv |
2012-08 2012-08-01T00:00:00Z 2018-06-21T14:52:27Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/15685 |
url |
http://hdl.handle.net/10400.5/15685 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Moreno-García, Emma e Juan Pablo Torres-Martínez (2012). "Equilibrium existence in infinite horizon economies". Portuguese Economic Journal, 11(2):127-145 1617-982X (print) 10.1007/s10258-012-0079-2 |
dc.rights.driver.fl_str_mv |
metadata only access info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
metadata only access |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Springer Verlag |
publisher.none.fl_str_mv |
Springer Verlag |
dc.source.none.fl_str_mv |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131101323591680 |