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It is shown that the structure of general equilibrium incomplete marketmodels is intrinsically self-consistent and time-interlaced, with mean fieldinteractions that are only implicit and also endogenous. Novel mathematicaltools that can handle such structures and do not rely on the representativeagent point of view are developed. The study was prompted by the surprisingdiscovery that the common strategy for resolving the classicalAiyagari-Bewley-Huggett model fails to achieve its objective in a widely citedbenchmark study. In addition to providing a numerically verifiable solution tosuch models, the scope of the approximate aggregation conjecture of Krusell andSmith (still an open problem in macroeconomics) is clarified. New features ofKrusell-Smith's model are uncovered and novel computational technique, whichdoes not involve simulation, is developed.

The Time-Interlaced Self-Consistent Master System of Heterogeneous-Agent Models