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

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  • Martins-da-Rocha, Victor Filipe
  • Monteiro, Paulo Klinger

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

Paper provided by FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil) in its series Economics Working Papers (Ensaios Economicos da EPGE) with number 646.

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Date of creation: 01 Jun 2007
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Handle: RePEc:fgv:epgewp:646

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References

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  1. Dana, Rose-Anne & Le Van, Cuong & Magnien, François, 1999. "On the Different Notions of Arbitrage and Existence of Equilibrium," Economics Papers from University Paris Dauphine 123456789/6228, Paris Dauphine University.
  2. Nizar Allouch & Cuong Le Van, 2008. "Walras and dividends equilibrium with possibly satiated consumers," Documents de travail du Centre d'Economie de la Sorbonne, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne b08010, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  3. Hart, Oliver D., 1974. "On the existence of equilibrium in a securities model," Journal of Economic Theory, Elsevier, Elsevier, vol. 9(3), pages 293-311, November.
  4. Brown, D.J. & Werner, J., 1992. "Arbitrage and Existence of Equilibrium in Finite Asset Markets," Papers, Stanford - Institute for Thoretical Economics 43, Stanford - Institute for Thoretical Economics.
  5. 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.
  6. Allingham, Michael, 1991. "Existence Theorems in the Capital Asset Pricing Model," Econometrica, Econometric Society, Econometric Society, vol. 59(4), pages 1169-74, July.
  7. 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.
  8. Allouch, Nizar, 2002. "An equilibrium existence result with short selling," Journal of Mathematical Economics, Elsevier, vol. 37(2), pages 81-94, April.
  9. Nielsen, Lars Tyge, 1989. "Asset Market Equilibrium with Short-Selling," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 56(3), pages 467-73, July.
  10. Page, Frank Jr., 1987. "On equilibrium in Hart's securities exchange model," Journal of Economic Theory, Elsevier, Elsevier, vol. 41(2), pages 392-404, April.
  11. Allouch, Nizar & Le Van, Cuong & Page, Frank Jr., 2002. "The geometry of arbitrage and the existence of competitive equilibrium," Journal of Mathematical Economics, Elsevier, vol. 38(4), pages 373-391, December.
  12. Hammond, Peter J., 1983. "Overlapping expectations and Hart's conditions for equilibrium in a securities model," Journal of Economic Theory, Elsevier, Elsevier, vol. 31(1), pages 170-175, October.
  13. 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.
  14. Werner, Jan, 1987. "Arbitrage and the Existence of Competitive Equilibrium," Econometrica, Econometric Society, Econometric Society, vol. 55(6), pages 1403-18, November.
  15. D. Won & G. Hahn & N. Yannelis, 2008. "Capital market equilibrium without riskless assets: heterogeneous expectations," Annals of Finance, Springer, Springer, vol. 4(2), pages 183-195, March.
  16. 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, Elsevier, vol. 52(2), pages 153-162, August.
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Citations

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Cited by:
  1. Nizar Allouch & Monique Florenzano, 2012. "Fuzzy Rejective Core of Satiated Economies with Unbounded Consumption Sets," Working Papers, Queen Mary, University of London, School of Economics and Finance 690, Queen Mary, University of London, School of Economics and Finance.
  2. repec:hal:journl:halshs-00598038 is not listed on IDEAS
  3. Sato, Norihisa, 2010. "Satiation and existence of competitive equilibrium," Journal of Mathematical Economics, Elsevier, vol. 46(4), pages 534-551, July.
  4. 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, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne 11035, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  5. 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.
  6. 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.
  7. repec:hal:journl:halshs-00241543 is not listed on IDEAS
  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.

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