Existence of financial equilibria in a multi-period stochastic economy.

We consider the model of a stochastic financial exchange economy with finitely many periods. Time and uncertainty are represented by a finite event-tree $$ \mathbb{D} $$ and consumers may have constraints on their portfolios. We provide a general existence result of financial equilibria, which allows to cover several important cases of financial structures in the literature with or without constraints on portfolios. [ABSTRACT FROM AUTHOR]