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Decentralization in infinite horizon economies: An introduction

✍ Scribed by Mukul Majumdar

Book ID
113181075
Publisher
Elsevier Science
Year
1988
Tongue
English
Weight
687 KB
Volume
45
Category
Article
ISSN
0022-0531

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We study an infinite-horizon economy with incomplete markets where default is explicitly allowed, contrary to the GE 1 model (where default is ruled out by assumption). The time and uncertainty are modeled by a countable infinite event-tree with a unique initial node at initial date, and with a cont