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Existence of Equilibrium in Incomplete Markets with Non-Ordered Preferences

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Author Info

  • Erkan Yalcin

    ()
    (University of New England)

  • Duygu Yengin

    ()
    (School of Economics, University of Adelaide)

Abstract

In this paper we extend the results of recent studies on the existence of equilibrium in finite dimensional asset markets for both bounded and unbounded economies. We do not assume that the individual's preferences are complete or transitive. Our existence theorems for asset markets allow for short selling. We shall also show that the equilibrium achieves a constrained core within the same framework.

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File URL: http://www.economics.adelaide.edu.au/research/papers/doc/wp2010-25.pdf
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Bibliographic Info

Paper provided by University of Adelaide, School of Economics in its series School of Economics Working Papers with number 2010-25.

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Length: 12 pages
Date of creation: Oct 2010
Date of revision:
Handle: RePEc:adl:wpaper:2010-25

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Web page: http://www.economics.adelaide.edu.au/
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Keywords: Incomplete Preferences; Intransitive Preferences; Incomplete Markets; General Equilibrium; Constrained Core; Convex Analysis;

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  1. 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.
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