An Extension of Mantel (1976) to Incomplete Markets

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An Extension of Mantel (1976) to Incomplete Markets

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Thorsten Hens

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 - IEW in its series IEW - Working Papers with number iewwp071.

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Find related papers by JEL classification:
D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

This paper has been announced in the following NEP Reports:

NEP-ALL-2001-02-14 (All new papers)

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