We propose a general discrete-time framework for deriving equilibrium prices of financial securities. It allows for heterogeneous agents, unspanned random endowments and convex trading constraints. We give a dual characterization of equilibria and provide general results on their existence and...

We prove that in smooth Markovian continuous-time economies with potentially complete asset markets, Radner equilibria with endogenously complete markets exist. -- Potentially complete market ; Continuous-time financial ; market ; Radner equilibrium ; Itô diffusion ; Analytic transition density

I study the stability analysis of the solutions for the dynamical system of nonlinear asset flow differential equations (AFDEs) in three versions. I show that the previous two versions are not structurally stable mathematically because there are infinitely many critical points. It is important...

We propose an equilibrium framework within which to price financial securities written on non- tradable underlyings such as temperature indices. We analyze a financial market with a finite set of agents whose preferences are described by a convex dynamic risk measure generated by the solution of...