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A Topological Invariant for Competitive Markets

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  • Chichilnisky, G.

Abstract

I summarize and extend my results establishing that limited arbitrage is necessary and sufficient for the existence of a competitive equilibrium and for the compactness of the Pareto frontier.

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Bibliographic Info

Paper provided by Columbia University, Department of Economics in its series Discussion Papers with number 1996_16.

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Length: 26 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:clu:wpaper:1996_16

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Keywords: MATHEMATICS; GENERAL EQUILIBRIUM;

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References

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  1. Chichilnisky, Graciela, 1995. "Limited Arbitrage Is Necessary and Sufficient for the Existence of a Competitive Equilibrium with or without Short Sales," Economic Theory, Springer, vol. 5(1), pages 79-108, January.
  2. Chichilnisky, Graciela, 1986. "Topological complexity of manifolds of preferences," MPRA Paper 8119, University Library of Munich, Germany.
  3. Chichilnisky, G., 1993. "Intersecting Families of Sets and the Topology of Cones in Economics," Papers 93-17, Columbia - Graduate School of Business.
  4. repec:fth:coluec:9596-30 is not listed on IDEAS
  5. Chichilnisky, G. & Heal, G.M., 1992. "Arbitrage and Equilibrium in Economics with Infinitely Many Securities and Commodities," Discussion Papers 1992_33, Columbia University, Department of Economics.
  6. repec:fth:coluec:650 is not listed on IDEAS
  7. Chichilnisky, G., 1992. "Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium," Papers 93-14, Columbia - Graduate School of Business.
  8. 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.
  9. Nielsen, Lars Tyge, 1989. "Asset Market Equilibrium with Short-Selling," Review of Economic Studies, Wiley Blackwell, vol. 56(3), pages 467-73, July.
  10. Chichilnisky, G, 1996. "Limited Arbitrage and Uniqueness of Equilibrium in Stricly Regular Economies," Papers 96-17, Columbia - Graduate School of Business.
  11. Graciela Chichilnisky, 1996. "Markets And Games: A Simple Equivalence Among The Core, Equilibrium And Limited Arbitrage," Metroeconomica, Wiley Blackwell, vol. 47(3), pages 266-280, October.
  12. 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.
  13. Werner, Jan, 1987. "Arbitrage and the Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 55(6), pages 1403-18, November.
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Citations

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Cited by:
  1. Page, F.H.Jr. & Wooders, M.H. & Monteiro, P.K., 1999. "Inconsequential Arbitrage," The Warwick Economics Research Paper Series (TWERPS) 561, University of Warwick, Department of Economics.
  2. 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).
  3. Norman Schofield, 2013. "The “probability of a fit choice”," Review of Economic Design, Springer, vol. 17(2), pages 129-150, June.

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