Existence and uniqueness of Arrow-Debreu equilibria with consumptions in ${\mathbf{L}}_{+}^0$

Abstract

We consider an economy where agents' consumption sets are given by the cone ${\mathbf{L}}_{+}^0$ of non-negative measurable functions and whose preferences are defined by additive utilities satisfying the Inada conditions. We extend to this setting the results in \citet{Dana:93} on the existence and uniqueness of Arrow-Debreu equilibria. In the case of existence, our conditions are necessary and sufficient.

12 pages; a few typos were corrected and additional explanations were provided; submitted

References in corpus (1)

• Existence of an endogenously complete equilibrium driven by a diffusion

Cited by in corpus (1)

• Existence of an endogenously complete equilibrium driven by a diffusion