%0 Journal Article %1 Chichilnisky2006 %A Chichilnisky, G. %A Wu, M. %D 2006 %I Elsevier Science Sa %J Journal Of Mathematical Economics %K PRICE-CONTINGENT CONTRACTS; INDIVIDUAL RISKS; RATIONAL BELIEFS; MARKETS; ALLOCATION; EFFICIENCY; INSURANCE; ECONOMY; MODEL %N 4-5 %P 499--524 %T General equilibrium with endogenous uncertainty and default %V 42 %X We study the introduction of new assets that are defined in expected values rather than state by state. Individual default emerges naturally in an economy where such, assets are introduced without completing all contingency markets. We further provide conditions under which individual default is propagated endogenously into a collective risk of widespread default in general equilibrium. We prove existence of a general equilibrium with endogenous uncertainty. (c) 2006 Elsevier B.V. All rights reserved.

@article{Chichilnisky2006, abstract = {We study the introduction of new assets that are defined in expected values rather than state by state. Individual default emerges naturally in an economy where such, assets are introduced without completing all contingency markets. We further provide conditions under which individual default is propagated endogenously into a collective risk of widespread default in general equilibrium. We prove existence of a general equilibrium with endogenous uncertainty. (c) 2006 Elsevier B.V. All rights reserved.}, added-at = {2008-03-18T16:40:19.000+0100}, author = {Chichilnisky, G. and Wu, M.}, biburl = {https://www.bibsonomy.org/bibtex/26e72c4176c6074bc28e857cd9c4b9597/daniel}, interhash = {75cd44e7cbb7114ae27438082bf94442}, intrahash = {6e72c4176c6074bc28e857cd9c4b9597}, journal = {Journal Of Mathematical Economics}, keywords = {PRICE-CONTINGENT CONTRACTS; INDIVIDUAL RISKS; RATIONAL BELIEFS; MARKETS; ALLOCATION; EFFICIENCY; INSURANCE; ECONOMY; MODEL}, month = {#aug#}, number = {4-5}, pages = {499--524}, publisher = {Elsevier Science Sa}, timestamp = {2008-03-18T16:40:19.000+0100}, title = {General equilibrium with endogenous uncertainty and default}, volume = 42, year = 2006 }