Excess demand function around critical prices in incomplete markets
AbstractWe show that the aggregate excess demand function in an economy with incomplete real asset markets can be characterized by Walras' law, homogeneity, and continuity around critical prices that cause one-dimensional drop of the dimension of the budget set.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Mathematical Economics.
Volume (Year): 46 (2010)
Issue (Month): 3 (May)
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Web page: http://www.elsevier.com/locate/jmateco
Incomplete market Disaggregation of excess demand Characterization of equilibrium budget sets;
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- Gottardi, Piero & Mas-Colell, Andreu, 2000. "A note on the decomposition (at a point) of aggregate excess demand on the Grassmannian1," Journal of Mathematical Economics, Elsevier, vol. 33(4), pages 463-473, May.
- Momi, Takeshi, 2012. "Failure of the index theorem in an incomplete market economy," Journal of Mathematical Economics, Elsevier, vol. 48(6), pages 437-444.
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