Summary.
In infinite horizon economies only local equivalence of beliefs is needed to ensure the existence of an Arrow–Debreu equilibrium. In fact, agents can even disagree completely in the long run in the sense that asymptotically, their beliefs are singular.
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Received: November 3, 2000; revised version: February 13, 2002
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Riedel, F. Arrow-Debreu equilibria with asymptotically heterogeneous expectations exist. Econ Theory 21, 929–934 (2003). https://doi.org/10.1007/s00199-002-0264-0
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DOI: https://doi.org/10.1007/s00199-002-0264-0