Economic Theory

, Volume 21, Issue 4, pp 929–934 | Cite as

Arrow-Debreu equilibria with asymptotically heterogeneous expectations exist

  • Frank Riedel
Exposita Note


In infinite horizon economies only local equivalence of beliefs is needed to ensure the existence of an Arrow–Debreu equilibrium. In fact, agents can even disagree completely in the long run in the sense that asymptotically, their beliefs are singular.

Keywords and Phrases: Heterogeneous expectations, Arrow-Debreu equilibrium. 
JEL Classification Numbers: D51, D84. 


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Copyright information

© Springer-Verlag Berlin Heidelberg 2003

Authors and Affiliations

  • Frank Riedel
    • 1
  1. 1.Institut für Wirtschaftstheorie I, Humboldt-Universität zu Berlin, Spandauer Straße 1, 10178 Berlin, GERMANY (e-mail: DE

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