Incomplete-Market Equilibria Solved Recursively on an Event Tree
---- Acknowledgements -----
We are grateful to colleagues and students for providing valuable comments: Julien Cujean, Darrell Duffie, Julien Hugonnier, Bjarne Astrup Jensen, Felix Kubler, Pascal Maenhout, Raman Uppal and Tan Wang, as well as participants in workshops at Handelshøyskolen BI (Oslo), the Copenhagen School of Economics, the Collegio Carlo Alberto (Torino), the University of Southern Denmark, ESSEC and the Free University of Brussels (ECARES). Dumas' research is supported by the Swiss National Center for Competence in Research "FinRisk". The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.