In the standard CAPM with a riskless asset we prove existence of equilibria without assuming concavity of the investor's utility functions. Moreover, we give a uniqueness result using assumptions on the risk aversion of investors.
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Paper provided by University of Bonn, Germany in its series Discussion Paper Serie A with number
504.
Length: 13 pages Date of creation: Dec 1995 Date of revision: Handle: RePEc:bon:bonsfa:504
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Find related papers by JEL classification: G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data) C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium