The existence of security market equilibrium with a non-atomic state space
研究了在每期有无穷多自然状态的不完全市场有限期经济中，结合逆向递归和一阶条件方法，证明了Radner均衡的存在性，并指出一个关键假设的必要性。
We consider a finite horizon economy with incomplete markets and, at each period, a non-atomic continuum of states of nature. We combine backward recursion methods with a reformulation of the problem in terms of first-order conditions to establish the existence of a Radner equilibrium. One of our hypotheses, not required in the case of a finite number of states, says that in any date and state the position reached after any possible previous asset trades, but before spot trades, constitutes a feasible consumption. An example shows that this hypothesis cannot be dispensed with (even in the case of countable many states).