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No-arbitrage condition and existence of equilibrium with dividends

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  • Le Van, Cuong
  • Minh, Nguyen Ba

Abstract

In this paper we first give an elementary proof of existence of equilibrium with dividends in an economy with possibly satiated consumers. We then introduce a no-arbitrage condition and show that it is equivalent to the existence of equilibrium with dividends.

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Bibliographic Info

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

Volume (Year): 43 (2007)
Issue (Month): 2 (February)
Pages: 135-152

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Handle: RePEc:eee:mateco:v:43:y:2007:i:2:p:135-152

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  1. Cornet, Bernard & Topuzu, Mihaela & Yildiz, Aysegul, 2003. "Equilibrium theory with a measure space of possibly satiated consumers," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 39(3-4), pages 175-196, June.
  2. Werner, Jan, 1987. "Arbitrage and the Existence of Competitive Equilibrium," Econometrica, Econometric Society, Econometric Society, vol. 55(6), pages 1403-18, November.
  3. Nielsen, Lars Tyge, 1989. "Asset Market Equilibrium with Short-Selling," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 56(3), pages 467-73, July.
  4. 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.
  5. Dreze, Jacques H. & Muller, Heinz, 1980. "Optimality properties of rationing schemes," Journal of Economic Theory, Elsevier, Elsevier, vol. 23(2), pages 131-149, October.
  6. Monique Florenzano, 2008. "General equilibrium," Documents de travail du Centre d'Economie de la Sorbonne, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne b08005, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  7. Aumann, R.J. & Dreze, J.H., 1984. "Values of markets with satiation or fixed prices," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 1984033, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Alexander Konovalov, 2005. "The core of an economy with satiation," Economic Theory, Springer, Springer, vol. 25(3), pages 711-719, 04.
  9. Allouch, Nizar & Le Van, Cuong & Page, Jr. Frank H., 2001. "The geometry of arbitrage and the existence of competitive equilibrium," The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics 598, University of Warwick, Department of Economics.
  10. Makarov, V. L., 1981. "Some results on general assumptions about the existence of economic equilibrium," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 8(1), pages 87-99, March.
  11. Florenzano, Monigue & Le Van, Cuong, 1986. "A note on the Gale-Nikaido-Debreu lemma and the existence of general equilibrium," Economics Letters, Elsevier, Elsevier, vol. 22(2-3), pages 107-110.
  12. Page Jr., Frank H. & Wooders, Myrna Holtz, 1996. "A necessary and sufficient condition for the compactness of individually rational and feasible outcomes and the existence of an equilibrium," Economics Letters, Elsevier, Elsevier, vol. 52(2), pages 153-162, August.
  13. Kajii, Atsushi, 1996. "How to discard non-satiation and free-disposal with paper money," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 25(1), pages 75-84.
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Cited by:
  1. Nizar Allouch & Cuong Le Van, 2008. "Walras and dividends equilibrium with possibly satiated consumers," Documents de travail du Centre d'Economie de la Sorbonne, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne b08010, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  2. Allouch, Nizar & Florenzano, Monique, 2013. "Edgeworth rejective core and dividends equilibria of satiated exchange economies," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 49(1), pages 1-6.
  3. repec:hal:journl:halshs-00598038 is not listed on IDEAS
  4. Nizar Allouch & Monique Florenzano, 2012. "Fuzzy Rejective Core of Satiated Economies with Unbounded Consumption Sets," Working Papers, Queen Mary, University of London, School of Economics and Finance 690, Queen Mary, University of London, School of Economics and Finance.
  5. repec:hal:journl:halshs-00241543 is not listed on IDEAS

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