On the survival and irreducibility assumptions for financial markets with nominal assets
AbstractWe are interested in proving an equilibrium existence result in a general equilibrium model with incomplete nominal asset markets. When we relax the assumption of strict positivity of initial endowments, then, as it is the case for every general equilibrium existence problem, we need to introduce survival, and irreducibility assumptions, whose formulation is the object of this paper. The financial economy that we consider is a two period exchange economy where agents' preferences on their consumption sets may be non-ordered and do not satisfy monotonicity.
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Bibliographic InfoPaper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number b04008.
Length: 13 pages
Date of creation: Jan 2004
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Incomplete markets; arbitrage; quasi equilibrium; nominal assets; survival assumptions; irreducibility.;
Find related papers by JEL classification:
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
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