Existence of equilibrium in financial markets: Hart's securities exchange model with consumption in the first period

Hart has established necessary and sufficient conditions for the existence of equilibrium in an economy consisting of two time periods in which agents trade assets whose returns depend on an uncertain state of nature. Hammond has enounced an equivalent condition from an alternative approach to Hart&...

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Autores:
Bonaldi Varón, Jean Pietro
Tipo de recurso:
Work document
Fecha de publicación:
2010
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
eng
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/8154
Acceso en línea:
http://hdl.handle.net/1992/8154
Palabra clave:
Financial markets
General equilibrium
Securities model
Equilibrio (Economía)
Estancamiento (Economía)
Mercado financiero
D53
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
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spelling Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Bonaldi Varón, Jean Pietrob12cf778-8e9b-482a-8f94-29aeeaa7d5416002018-09-27T16:50:54Z2018-09-27T16:50:54Z20101657-5334http://hdl.handle.net/1992/81541657-719110.57784/1992/8154instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/Hart has established necessary and sufficient conditions for the existence of equilibrium in an economy consisting of two time periods in which agents trade assets whose returns depend on an uncertain state of nature. Hammond has enounced an equivalent condition from an alternative approach to Hart's model. In both cases, it is assumed that agents maximize the expected value of their utility in the second period, when the asset returns are paid. In this paper, Hart's model is modified in such a way that agents also value consumption in the first period and the implications of this modification on the conditions proposed by these authors are analyzed.Hart ha establecido condiciones necesarias y suficientes para la existencia del equilibrio, en una economía de dos periodos en la cual los agentes intercambian activos cuyos retornos dependen de un estado de la naturaleza incierto. Hammond ha enunciado una condición equivalente a partir de una aproximación alternativa al modelo de Hart. En ambos casos, se supone que los agentes maximizan el valor esperado de su utilidad en el segundo periodo, cuando se pagan los retornos de los activos. En este artículo, el modelo de Hart se modifica de tal forma que los agentes también valoran el consumo en el primer periodo y se las implicaciones de esta modificación sobre las propuestas por los autores mencionados.25 páginasapplication/pdfengUniversidad de los Andes, Facultad de Economía, CEDEDocumentos CEDE No. 01 Enero de 2010https://ideas.repec.org/p/col/000089/006711.htmlExistence of equilibrium in financial markets: Hart's securities exchange model with consumption in the first periodExistencia del equilibrio en los mercados financieros: el modelo de intercambio de activos de Hart con consume en el periodo inicialDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPFinancial marketsGeneral equilibriumSecurities modelEquilibrio (Economía)Estancamiento (Economía)Mercado financieroD53Facultad de EconomíaPublicationORIGINALdcede2010-01.pdfdcede2010-01.pdfapplication/pdf485288https://repositorio.uniandes.edu.co/bitstreams/322000e9-d3d3-4c77-8c73-ae1dd9f59d4d/download03472f8d5d46db0add1794b8dab274e5MD51THUMBNAILdcede2010-01.pdf.jpgdcede2010-01.pdf.jpgIM Thumbnailimage/jpeg9126https://repositorio.uniandes.edu.co/bitstreams/0abe00df-47b1-4019-bb4b-29c7d1b7a1ec/download195a467ca85617d9078596e286cad25bMD55TEXTdcede2010-01.pdf.txtdcede2010-01.pdf.txtExtracted texttext/plain65284https://repositorio.uniandes.edu.co/bitstreams/55d3bbaf-e435-494b-ac97-2c483ab7f596/downloadd69b3e4fd8e30d6769c1b55f996dbdc8MD541992/8154oai:repositorio.uniandes.edu.co:1992/81542024-06-04 15:41:39.699http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co
dc.title.none.fl_str_mv Existence of equilibrium in financial markets: Hart's securities exchange model with consumption in the first period
dc.title.alternative.none.fl_str_mv Existencia del equilibrio en los mercados financieros: el modelo de intercambio de activos de Hart con consume en el periodo inicial
title Existence of equilibrium in financial markets: Hart's securities exchange model with consumption in the first period
spellingShingle Existence of equilibrium in financial markets: Hart's securities exchange model with consumption in the first period
Financial markets
General equilibrium
Securities model
Equilibrio (Economía)
Estancamiento (Economía)
Mercado financiero
D53
title_short Existence of equilibrium in financial markets: Hart's securities exchange model with consumption in the first period
title_full Existence of equilibrium in financial markets: Hart's securities exchange model with consumption in the first period
title_fullStr Existence of equilibrium in financial markets: Hart's securities exchange model with consumption in the first period
title_full_unstemmed Existence of equilibrium in financial markets: Hart's securities exchange model with consumption in the first period
title_sort Existence of equilibrium in financial markets: Hart's securities exchange model with consumption in the first period
dc.creator.fl_str_mv Bonaldi Varón, Jean Pietro
dc.contributor.author.none.fl_str_mv Bonaldi Varón, Jean Pietro
dc.subject.keyword.none.fl_str_mv Financial markets
General equilibrium
Securities model
topic Financial markets
General equilibrium
Securities model
Equilibrio (Economía)
Estancamiento (Economía)
Mercado financiero
D53
dc.subject.armarc.none.fl_str_mv Equilibrio (Economía)
Estancamiento (Economía)
Mercado financiero
dc.subject.jel.none.fl_str_mv D53
description Hart has established necessary and sufficient conditions for the existence of equilibrium in an economy consisting of two time periods in which agents trade assets whose returns depend on an uncertain state of nature. Hammond has enounced an equivalent condition from an alternative approach to Hart's model. In both cases, it is assumed that agents maximize the expected value of their utility in the second period, when the asset returns are paid. In this paper, Hart's model is modified in such a way that agents also value consumption in the first period and the implications of this modification on the conditions proposed by these authors are analyzed.
publishDate 2010
dc.date.issued.none.fl_str_mv 2010
dc.date.accessioned.none.fl_str_mv 2018-09-27T16:50:54Z
dc.date.available.none.fl_str_mv 2018-09-27T16:50:54Z
dc.type.spa.fl_str_mv Documento de trabajo
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dc.type.driver.spa.fl_str_mv info:eu-repo/semantics/workingPaper
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dc.identifier.eissn.none.fl_str_mv 1657-7191
dc.identifier.doi.none.fl_str_mv 10.57784/1992/8154
dc.identifier.instname.spa.fl_str_mv instname:Universidad de los Andes
dc.identifier.reponame.spa.fl_str_mv reponame:Repositorio Institucional Séneca
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identifier_str_mv 1657-5334
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10.57784/1992/8154
instname:Universidad de los Andes
reponame:Repositorio Institucional Séneca
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url http://hdl.handle.net/1992/8154
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.ispartofseries.none.fl_str_mv Documentos CEDE No. 01 Enero de 2010
dc.relation.repec.spa.fl_str_mv https://ideas.repec.org/p/col/000089/006711.html
dc.rights.uri.*.fl_str_mv http://creativecommons.org/licenses/by-nc-nd/4.0/
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http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv openAccess
dc.format.extent.none.fl_str_mv 25 páginas
dc.format.mimetype.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
publisher.none.fl_str_mv Universidad de los Andes, Facultad de Economía, CEDE
institution Universidad de los Andes
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