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An Extension of Mantel (1976) to Incomplete Markets

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  • Thorsten Hens
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    Abstract

    In the incomplete markets model with numeraire asset and a single con- sumption good we show that, even with homothetic preferences, on compact sets of prices Continuity, Walras' identity and Homogeneity characterize the properties of market excess demand.This result is proved by an extension of Mantel (1976) to the case of incomplete markets.

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    Paper provided by Institute for Empirical Research in Economics - University of Zurich in its series IEW - Working Papers with number 071.

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    Handle: RePEc:zur:iewwpx:071

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    Keywords: structure of excess demand; incomplete markets;

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    1. Hugo Sonnenschein, 1973. "The Utility Hypothesis and Market Demand Theory," Discussion Papers 51, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. Mantel, Rolf R., 1976. "Homothetic preferences and community excess demand functions," Journal of Economic Theory, Elsevier, vol. 12(2), pages 197-201, April.
    3. Chipman, John S., 1974. "Homothetic preferences and aggregation," Journal of Economic Theory, Elsevier, vol. 8(1), pages 26-38, May.
    4. Chiappori, Pierre-Andre & Ekeland, Ivar, 1999. "Disaggregation of excess demand functions in incomplete markets1," Journal of Mathematical Economics, Elsevier, vol. 31(1), pages 111-129, February.
    5. E. Eisenberg, 1961. "Aggregation of Utility Functions," Management Science, INFORMS, vol. 7(4), pages 337-350, July.
    6. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
    7. Bottazzi, Jean-Marc & Hens, Thorsten, 1996. "Excess Demand Functions and Incomplete Markets," Journal of Economic Theory, Elsevier, vol. 68(1), pages 49-63, January.
    8. Hildenbrand, Werner & Jerison, Michael, 1989. "The demand theory of the weak axioms of revealed preference," Economics Letters, Elsevier, vol. 29(3), pages 209-213.
    9. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
    10. Thorsten Hens & Piero Gottardi, 1999. "Disaggregation of excess demand and comparative statics with incomplete markets and nominal assets," Economic Theory, Springer, vol. 13(2), pages 287-308.
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