The paper demonstrates the generic existence of general equilibria in incomplete financial markets with asymmetric information. The economy has two periods and an ex ante uncertainty over the state of nature to be revealed at the second period. Securities pay off in cash or commodities at the second period, conditionally on the state of nature to be revealed. They permit transfers across periods and states, which are typically insufficient to span all state contingent claims to value, whatever the spot price to prevail. Under the standard smooth preference and perfect foresight assumptions, the paper shows that equilibria exist, except for a closed set of measure zero of securities and endowments. This theorem generalizes Duffie and Shafer’s (1985) to arbitrary financial and information structures. The equilibrium prices are consistent with any collection of state prices and norm values on spot markets. This refinement permits to extend to asymmetric information Cass’ (1984) theorem that any collection of state prices supports an equilibrium on purely financial markets.

本文证明了具有不对称信息的不完全金融市场中一般均衡的一般性存在。经济有两个时期，第二阶段将揭示自然状况的事前不确定性。证券在第二个时期以现金或商品形式还清，但要以要披露的自然状态为条件。它们允许跨时期和跨州转移，这通常不足以涵盖所有州或有价值债权，无论以现货价格为准。在标准的平滑偏好和完善的预见性假设下，本文表明存在均衡，除了封闭的一组零证券和zero赋度量。该定理将Duffie和Shafer（1985）推广到任意的财务和信息结构。均衡价格与现货市场上任何国家价格和规范值的集合都一致。这种改进允许将不对称信息扩展到卡斯（Cass）（1984）的定理，即任何国家价格的集合都支持纯金融市场上的均衡。