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Persistent link: https://www.econbiz.de/10011583603
We provide conditions on a one-period-two-date pure exchange economy with rank-dependent utility agents under which Arrow-Debreu equilibria exist. When such an equilibrium exists, we derive the state-price density explicitly, which is a weighted marginal rate of substitution between the initial...
Persistent link: https://www.econbiz.de/10013100756