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Markets and games: a simple equivalence among the core, equilibrium and limited arbitrage

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  • Chichilnisky, Graciela

Abstract

This note provides simple proofs of the equivalence among the core, equilibrium and limited arbitrage in markets with short sales, and with uniform strictly convex preferences.

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File URL: http://mpra.ub.uni-muenchen.de/8492/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8492.

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Date of creation: 1996
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Publication status: Published in Metroeconomica No. 3.47(1996): pp. 266-287
Handle: RePEc:pra:mprapa:8492

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Keywords: mathematical proof; modeling; limited arbitrage; core; equilibrium;

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References

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  1. Chichilnisky, G., 1990. "On Strategic Control," Discussion Papers 1990_30, Columbia University, Department of Economics.
  2. Chichilnisky, Graciela, 1994. "Social Diversity, Arbitrage, and Gains from Trade: A Unified Perspective on Resource Allocation," American Economic Review, American Economic Association, vol. 84(2), pages 427-34, May.
  3. Chichilnisky, Graciela, 1997. "Limited arbitrage is necessary and sufficient for the existence of an equilibrium," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 470-479, November.
  4. Werner, Jan, 1987. "Arbitrage and the Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 55(6), pages 1403-18, November.
  5. Chichilnisky Graciela & Heal Geoffrey M., 1993. "Competitive Equilibrium in Sobolev Spaces without Bounds on Short Sales," Journal of Economic Theory, Elsevier, vol. 59(2), pages 364-384, April.
  6. Chichilnisky, G., 1992. "Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium," Discussion Papers 1992_60, Columbia University, Department of Economics.
  7. Nielsen, Lars Tyge, 1989. "Asset Market Equilibrium with Short-Selling," Review of Economic Studies, Wiley Blackwell, vol. 56(3), pages 467-73, July.
  8. Chichilnisky, G, 1996. "A Unified Perspective on Resource Allocation : Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice," Papers 96-20, Columbia - Graduate School of Business.
  9. Chichilnisky, G., 1993. "Intersecting Families of Sets and the Topology of Cones in Economics," Papers 93-17, Columbia - Graduate School of Business.
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Cited by:
  1. Chichilnisky, Graciela, 1997. "A topological invariant for competitive markets," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 445-469, November.
  2. Norman Schofield, 2013. "The “probability of a fit choice”," Review of Economic Design, Springer, vol. 17(2), pages 129-150, June.
  3. Graciela Chichilnisky, 2012. "Sustainable markets with short sales," Economic Theory, Springer, vol. 49(2), pages 293-307, February.
  4. Chichilnisky, Graciela, 1997. "Limited arbitrage is necessary and sufficient for the existence of an equilibrium," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 470-479, November.

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