This paper establishes, in the setting of Brownian information, a

general equilibrium existence result under a stochastic differential for-

mulation of intertemporal recursive utility. The present class of utility

functionals is generated by a backward stochastic differential equation

and incorporates preference for the local risk of the stochastic utility

process.

The setting contains models in which Knightian uncertainty is repre-

sented in the subjective and objective sense.