= Competitive equilibrium with one productive asset
A competitive dividend economy specifies the joint law of total output, an information <filtration>, <utility functions>, discount factors, initial ownership shares and trading restrictions. Its derived objects are a common ex-dividend price, individually optimal <consumption> and share holdings satisfying $\sum_jC_t^j=d_t$ and $\sum_j\theta_t^j=1$. Each investor obeys the <discrete dividend budget equation> and, at an unconstrained interior optimum, <marginal utility pricing in a dividend economy>. A common price is required; a unique common <state-price density> or arbitrary contingent transfers require extra <market completeness> or implementability hypotheses.
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