On bankruptcy in general equilibrium with uncertainty
研究在时间与不确定性的一般均衡模型中，当卖空约束过松时破产不可避免，过紧则低效；破产使证券收益内生并破坏组合偏好凸性，导致竞争均衡存在性问题，并用例子说明。
In a general equilibrium model with time and uncertainty the possibility of bankruptcy cannot be excluded in general, when short sale constraints are too loose. Tight short trading constraints, on the other hand, are inefficient. Bankruptcies turn security payoffs endogenous and destroy convexity of the induced preferences over portfolios. The latter raises existence issues for competitive equilibrium, as illustrated in this paper by an example.