Econometrica

Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Home> Econometrica> Issues> Supplemental Materials>Asset Prices in an Exchange Economy

Econometrica: Nov, 1978, Volume 46, Issue 6

Asset Prices in an Exchange Economy

https://www.jstor.org/stable/1913837
p. 1429-1445

Robert E. Lucas, Jr.

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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