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hal.structure.identifierCEntre de REcherches en MAthématiques de la DEcision [CEREMADE]
dc.contributor.authorMartins-da-Rocha, Victor-Filipe
HAL ID: 10403
ORCID: 0000-0002-6244-2678
*
hal.structure.identifier
dc.contributor.authorRiedel, Frank*
dc.date.accessioned2019-11-26T13:55:20Z
dc.date.available2019-11-26T13:55:20Z
dc.date.issued2006
dc.identifier.issn1614-2446
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/20251
dc.language.isoenen
dc.subjectStochastic pure exchange economiesen
dc.subjectIntertemporal substitutability of consumptionen
dc.subjectArrow–Debreu equilibriumen
dc.subjectLocal propernessen
dc.subjectOptional random measuresen
dc.subject.ddc515en
dc.subject.classificationjelD.D5.D51en
dc.subject.classificationjelD.D9.D91en
dc.titleStochastic equilibria for economies under uncertainty with intertemporal substitutionen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenWe consider the model of a stochastic pure exchange economy with a finite set of agents whose preferences exhibit local substitution in the sense of Hindy and Huang (1992). In order to prove the existence of Arrow–Debreu equilibria, it is assumed in Bank and Riedel (2001) that smooth subgradients exist (Assumption 1 in Bank and Riedel (2001)) and that they are uniformly bounded from above and away from zero (Assumption 2 in Bank and Riedel 2001).In this paper, we prove that the existence of smooth subgradients implies local properness of preferences. By a slight improvement of classical existence results of the literature, we prove that the local properness of preferences is a sufficient condition for the existence of equilibria, rendering Assumption 2 in Bank and Riedel (2001) superfluous.en
dc.relation.isversionofjnlnameAnnals of Finance
dc.relation.isversionofjnlvol2en
dc.relation.isversionofjnlissue1en
dc.relation.isversionofjnldate2006-01
dc.relation.isversionofjnlpages101-122en
dc.relation.isversionofdoi10.1007/s10436-005-0025-8en
dc.relation.isversionofjnlpublisherSpringeren
dc.subject.ddclabelAnalyseen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenonen
dc.description.halcandidatenonen
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2019-11-26T13:52:02Z
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