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A topological invariant for competitive markets

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  • Chichilnisky, Graciela

Abstract

I summarize and extend my results establishing that limited arbitrage is necessary and sufficient for the existence of a competitive equilibrium and for the compactness of the Pareto frontier.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 28 (1997)
Issue (Month): 4 (November)
Pages: 445-469

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Handle: RePEc:eee:mateco:v:28:y:1997:i:4:p:445-469

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Web page: http://www.elsevier.com/locate/jmateco

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References

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  1. Nielsen, Lars Tyge, 1989. "Asset Market Equilibrium with Short-Selling," Review of Economic Studies, Wiley Blackwell, vol. 56(3), pages 467-73, July.
  2. Chichilnisky, Graciela, 1996. "Markets and games: a simple equivalence among the core, equilibrium and limited arbitrage," MPRA Paper 8492, University Library of Munich, Germany.
  3. Chichilnisky, G, 1996. "Limited Arbitrage and Uniqueness of Equilibrium in Strictly Regular Economies," Discussion Papers 1996_26, Columbia University, Department of Economics.
  4. Chichilnisky, G. & Heal, G.M., 1992. "Arbitrage and Equilibrium in Economies with Infinitely Many Securities and Commodities," Papers 92-29, Columbia - Graduate School of Business.
  5. Chichilnisky, Graciela, 1995. "Limited Arbitrage Is Necessary and Sufficient for the Existence of a Competitive Equilibrium with or without Short Sales," Economic Theory, Springer, vol. 5(1), pages 79-108, January.
  6. Chichilnisky, G., 1992. "Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium," Discussion Papers 1992_60, Columbia University, Department of Economics.
  7. Werner, Jan, 1987. "Arbitrage and the Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 55(6), pages 1403-18, November.
  8. Chichilnisky, Graciela, 1986. "Topological complexity of manifolds of preferences," MPRA Paper 8119, University Library of Munich, Germany.
  9. repec:fth:coluec:650 is not listed on IDEAS
  10. Hammond, Peter J., 1983. "Overlapping expectations and Hart's conditions for equilibrium in a securities model," Journal of Economic Theory, Elsevier, vol. 31(1), pages 170-175, October.
  11. repec:fth:coluec:9596-30 is not listed on IDEAS
  12. Hart, Oliver D., 1974. "On the existence of equilibrium in a securities model," Journal of Economic Theory, Elsevier, vol. 9(3), pages 293-311, November.
  13. Chichilnisky, G., 1993. "Intersecting Families of Sets and the Topology of Cones in Economics," Papers 93-17, Columbia - Graduate School of Business.
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Cited by:
  1. Page, F.H.Jr. & Wooders, M.H. & Monteiro, P.K., 1999. "Inconsequential Arbitrage," The Warwick Economics Research Paper Series (TWERPS) 561, University of Warwick, Department of Economics.
  2. Dana, Rose-Anne & Le Van, Cuong & Magnien, François, 1996. "On the different notions of arbitrage and existence of equilibrium," CEPREMAP Working Papers (Couverture Orange) 9616, CEPREMAP.
  3. 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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