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Unbounded exchange economies with satiation: How far can we go?

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Author Info

  • Martins-da-Rocha, V. Filipe
  • Monteiro, Paulo K.

Abstract

We unify and generalize the existence results in Werner [Werner, J., 1987. Arbitrage and the existence of competitive equilibrium. Econometrica 55 (6), 1403-1418], Dana et al. [Dana, R.-A., Le Van, C., Magnien, F., 1999. On the different notions of arbitrage and existence of equilibrium. Journal of Economic Theory 87 (1), 169-193], Allouch et al. [Allouch, N., Le Van, C., Page Jr., F.H., 2006. Arbitrage and equilibrium in unbounded exchange economies with satiation. Journal of Mathematical Economics 42 (6), 661-674], Allouch and Le Van [Allouch, N., Le Van, C., 2008. Erratum to "Walras and dividends equilibrium with possibly satiated consumers". Journal of Mathematical Economics 45 (3-4), 320-328]. We also show that, in terms of weakening the set of assumptions, we cannot go too far.

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Bibliographic Info

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

Volume (Year): 45 (2009)
Issue (Month): 7-8 (July)
Pages: 465-478

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Handle: RePEc:eee:mateco:v:45:y:2009:i:7-8:p:465-478

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

Related research

Keywords: Competitive equilibrium Unbounded action sets Satiation Individually rational utility set No-arbitrage;

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References

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  1. 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.
  2. repec:hal:cesptp:halshs-00241543 is not listed on IDEAS
  3. PageJr., Frank H. & Wooders, Myrna H. & Monteiro, Paulo K., 2000. "Inconsequential arbitrage," Journal of Mathematical Economics, Elsevier, vol. 34(4), pages 439-469, December.
  4. Nizar Allouch & Cuong Le Van, 2006. "Walras and Dividends Equilibrium with Possibly Satiated Consumers," Working Papers 555, Queen Mary, University of London, School of Economics and Finance.
  5. Dana, R.-A. & Le Van, C. & Magnien, F., 1999. "On the Different Notions of Arbitrage and Existence of Equilibrium," Papiers d'Economie Mathématique et Applications 1999.34, Université Panthéon-Sorbonne (Paris 1).
  6. Werner, Jan, 1987. "Arbitrage and the Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 55(6), pages 1403-18, November.
  7. 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.
  8. repec:hal:cesptp:halshs-00096040 is not listed on IDEAS
  9. Page, Frank Jr., 1987. "On equilibrium in Hart's securities exchange model," Journal of Economic Theory, Elsevier, vol. 41(2), pages 392-404, April.
  10. Brown,Donald & Werner,Jan, 1991. "Arbitrage and existence of equilibrium in infinite asset markets," Discussion Paper Serie A 344, University of Bonn, Germany.
  11. Le Van, C. & Page, F.H.Jr. & Wooders, M., 2001. "Arbitrage and Equilibrium in Economies with Externalities," The Warwick Economics Research Paper Series (TWERPS) 588, University of Warwick, Department of Economics.
  12. 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) 598, University of Warwick, Department of Economics.
  13. 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, vol. 52(2), pages 153-162, August.
  14. Allouch, Nizar & Le Van, Cuong & Page, Frank Jr., 2006. "Arbitrage and equilibrium in unbounded exchange economies with satiation," Journal of Mathematical Economics, Elsevier, vol. 42(6), pages 661-674, September.
  15. Nielsen, Lars Tyge, 1989. "Asset Market Equilibrium with Short-Selling," Review of Economic Studies, Wiley Blackwell, vol. 56(3), pages 467-73, July.
  16. Allouch, Nizar, 2002. "An equilibrium existence result with short selling," Journal of Mathematical Economics, Elsevier, vol. 37(2), pages 81-94, April.
  17. Allingham, Michael, 1991. "Existence Theorems in the Capital Asset Pricing Model," Econometrica, Econometric Society, vol. 59(4), pages 1169-74, July.
  18. D. Won & G. Hahn & N. Yannelis, 2008. "Capital market equilibrium without riskless assets: heterogeneous expectations," Annals of Finance, Springer, vol. 4(2), pages 183-195, March.
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Citations

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Cited by:
  1. repec:hal:cesptp:halshs-00598038 is not listed on IDEAS
  2. Won, Dong Chul & Yannelis, Nicholas C., 2011. "Equilibrium theory with satiable and non-ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 47(2), pages 245-250, March.
  3. Nizar Allouch & Monique Florenzano, 2011. "Satiated economies with unbounded consumption sets: fuzzy core and equilibrium," Documents de travail du Centre d'Economie de la Sorbonne 11035, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  4. repec:hal:journl:halshs-00598038 is not listed on IDEAS
  5. repec:hal:journl:halshs-00241543 is not listed on IDEAS
  6. Sato, Norihisa, 2010. "Satiation and existence of competitive equilibrium," Journal of Mathematical Economics, Elsevier, vol. 46(4), pages 534-551, July.
  7. Allouch, Nizar & Florenzano, Monique, 2013. "Edgeworth rejective core and dividends equilibria of satiated exchange economies," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 1-6.
  8. Won, Dong Chul & Yannelis, Nicholas C., 2008. "Equilibrium theory with unbounded consumption sets and non-ordered preferences: Part I. Non-satiation," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1266-1283, December.
  9. Nizar Allouch & Monique Florenzano, 2012. "Fuzzy Rejective Core of Satiated Economies with Unbounded Consumption Sets," Working Papers 690, Queen Mary, University of London, School of Economics and Finance.

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