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Markets And Games: A Simple Equivalence Among The Core, Equilibrium And Limited Arbitrage

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  • Graciela Chichilnisky

Abstract

This note provides simple proofs of the equivalence among the core, equilibrium and limited arbitrage in markets with short sales, and with uniform strictly convex preferences.

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File URL: http://hdl.handle.net/10.1111/j.1467-999X.1996.tb00392.x
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Bibliographic Info

Article provided by Wiley Blackwell in its journal Metroeconomica.

Volume (Year): 47 (1996)
Issue (Month): 3 (October)
Pages: 266-280

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Handle: RePEc:bla:metroe:v:47:y:1996:i:3:p:266-280

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References

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  1. Chichilnisky, Graciela, 1994. "Social Diversity, Arbitrage, and Gains from Trade: A Unified Perspective on Resource Allocation," American Economic Review, American Economic Association, vol. 84(2), pages 427-34, May.
  2. CHICHILNISKY , Graciela, 1995. "A Unified Perspective on Resource Allocation : Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice," CORE Discussion Papers 1995027, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Chichilnisky, G., 1993. "Intersecting Families of Sets and the Topology of Cones in Economics," Papers 93-17, Columbia - Graduate School of Business.
  4. Chichilnisky, G., 1992. "Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium," Papers 93-14, Columbia - Graduate School of Business.
  5. Werner, Jan, 1987. "Arbitrage and the Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 55(6), pages 1403-18, November.
  6. Chichilnisky, Graciela, 1993. "On Strategic Control," The Quarterly Journal of Economics, MIT Press, vol. 108(1), pages 285-90, February.
  7. Nielsen, Lars Tyge, 1989. "Asset Market Equilibrium with Short-Selling," Review of Economic Studies, Wiley Blackwell, vol. 56(3), pages 467-73, July.
  8. Chichilnisky, Graciela, 1997. "Limited arbitrage is necessary and sufficient for the existence of an equilibrium," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 470-479, November.
  9. Chichilnisky Graciela & Heal Geoffrey M., 1993. "Competitive Equilibrium in Sobolev Spaces without Bounds on Short Sales," Journal of Economic Theory, Elsevier, vol. 59(2), pages 364-384, April.
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Citations

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Cited by:
  1. Graciela Chichilnisky, 2012. "Sustainable markets with short sales," Economic Theory, Springer, vol. 49(2), pages 293-307, February.
  2. Chichilnisky, Graciela, 1997. "Limited arbitrage is necessary and sufficient for the existence of an equilibrium," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 470-479, November.
  3. Chichilnisky, Graciela, 1997. "A topological invariant for competitive markets," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 445-469, November.
  4. Norman Schofield, 2013. "The “probability of a fit choice”," Review of Economic Design, Springer, vol. 17(2), pages 129-150, June.

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