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No‐arbitrage condition and existence of equilibrium in asset markets with a continuum of traders

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  • Cuong Le Van
  • François Magnien

Abstract

In the present paper, we prove that a no‐arbitrage condition (à la Werner) is necessary and sufficient for the existence of an equilibrium with a continuum of traders and a finite number of assets. As in Aumann (1966), Hildenbrand (1974) and Schmeidler (1969), preferences are not assumed to be convex. We do not use Fatou's Lemma and do not assume that the consumption sets are compact.

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  • Cuong Le Van & François Magnien, 2005. "No‐arbitrage condition and existence of equilibrium in asset markets with a continuum of traders," International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(1), pages 43-55, March.
    • Handle: RePEc:bla:ijethy:v:1:y:2005:i:1:p:43-55
    DOI: 10.1111/j.1742-7363.2005.00004.x
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    Cited by:

    1. Bhowmik Anuj & Gabriella Graziano Maria, 2020. "Blocking Coalitions and Fairness in Asset Markets and Asymmetric Information Economies," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 20(1), pages 1-29, January.

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