Generic determinacy of equilibria with local substitution

Most continuous-time models of trading presume a smooth cumulative consumption function, thereby neglecting stock and possibly singular consumption patterns. Hindy, Huang and Kreps pioneered an approach that captures the full possible variety of flow and stock (and more general) consumption patterns in continuous time. The stochastic version of their model poses significant challenges to General Equilibrium Theory as the price space is not a lattice. The present paper establishes generic determinacy for stochastic Hindy-Huang-Kreps economies. For smooth economies, almost all initial endowments admit only a finite number of competitive equilibria, and these equilibria vary (locally) smoothly with endowments; thus equilibrium comparative statics are locally determinate.