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Existence of pseudo-equilibria in a financial economy

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Author Info
Philippe Bich () (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I)
Bernard Cornet () (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Panthéon-Sorbonne - Paris I, University of Kansas - University of Kansas)

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Abstract

This paper proves the existence of a pseudo-equilibrium in a financial economy with incomplete markets in which the agents may have nonordered preferences. We will use a fixed-point-like theorem of Bich and Cornet that generalizes the results by Hirsch, Magill, Mas-Colell [18] and Husseini, Lasry, Magill [19] to encompass the framework considered by Gale and Mas-Colell ([14], [15]).

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00426399_v1.

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Date of creation: Oct 2009
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Handle: RePEc:hal:cesptp:halshs-00426399_v1

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Related research
Keywords: Pseudo-equilibrium ; incomplete markets ; nonordered preferences ; fixed-point-like theorems ; Grassmann manifold;

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  1. Â Zaier Aouani & Â Bernard Cornet, 2009. "Existence of financial equilibria with restricted participation," Working Papers 001-09, International School of Economics at TSU, Tbilisi, Republic of Georgia. [Downloadable!]
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This page was last updated on 2009-12-12.


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