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Asset Prices in an Exchange Economy

Robert E. Lucas, Jr.
Econometrica
Vol. 46, No. 6 (Nov., 1978), pp. 1429-1445
Published by: The Econometric Society
DOI: 10.2307/1913837
Stable URL: http://www.jstor.org/stable/1913837
Page Count: 17
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Asset Prices in an Exchange Economy
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Abstract

This paper is a theoretical examination of the stochastic behavior of equilibrium asset prices in a one-good, pure exchange economy with identical consumers. A general method of constructing equilibrium prices is developed and applied to a series of examples.

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