• 1 Introduction
  • 2 The economy
  • A. Information structure
  • B. Securities market
  • C. Agents
  • D. Trading strategies and feasible plans
  • E. Equilibrium
  • 3 Optimality and equilibrium
  • A. Individual optimality
  • B. Characterization of equilibrium
  • 4 Equilibrium pricing bubbles
  • A. Characterization
  • B. Bubbles and multiplicity of equilibria
  • 5 Limited market participation
  • A. The economy
  • B. Equilibrium
  • C. Comparative static analysis
  • 6 Multiplicity in a two stocks model
  • A. The economy
  • B. Existence and multiplicity of equilibria
  • 7 Conclusion
  • A Technical results
  • B Proofs
  • References