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| Author: | Magill, M. Quinzii, M. |
| Title: | Infinite horizon incomplete markets |
| Journal: | Econometrica
1994 : JUL, VOL. 62:4, p.853-880 |
| Index terms: | INCOMPLETE MARKETS EQUILIBRIUM THEORY ECONOMICS |
| Language: | eng |
| Abstract: | The model of general equilibrium with incomplete markets is a generalization of the Arrow-Debreu model which provides a rich framework for studying problems of macroeconomics. This paper shows how the model, which has so far been restricted to economies with a finite horizon, can be extended to the more natural setting of an open-ended future, thereby providing an extension of the finite horizon representative agent models of modern macroeconomics to economies with heterogeneous agents and incomplete markets. |
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