Equilibrium Pricing in Incomplete Markets Under Translation Invariant Preferences
提出了一个离散时间框架，推导存在异质代理人、不可对冲随机禀赋和凸交易约束时的金融证券均衡价格，给出了均衡的对偶刻画及存在唯一性结果，并在特定条件下得到单基金定理和定价核显式表达式。
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 uniqueness. In the special case where all agents have preferences of the same type and in equilibrium, all random endowments are replicable by trading in the financial market, we show that a one-fund theorem holds and give an explicit expression for the equilibrium pricing kernel.