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Existence of pseudo-equilibria in a financial economy

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Author Info
Philippe Bich () (Centre d'Economie de la Sorbonne)
Bernard Cornet () (Centre d'Economie de la Sorbonne)

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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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Publisher Info
Paper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number 09060.

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Length: 16 pages
Date of creation: Oct 2009
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Handle: RePEc:mse:cesdoc:09060

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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 2009-12-16.

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