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No-arbitrage condition and existence of equilibrium in asset markets with a continuum of traders


  • Cuong Le Van
  • François Magnien


In the present paper, we prove that a no-arbitrage condotion (à la Werner) is necessary and sufficient for the existence of an equilibrium with a continuum of traders and a finite of assets. As in Aumann (1966), Hildenbrand (1974) and Schmeidler (1969), preferences are not assume to be convex. We do not use Fatou's Lemma and do not assume that the consumption sets are compact
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  • Cuong Le Van & François Magnien, 2005. "No-arbitrage condition and existence of equilibrium in asset markets with a continuum of traders," International Journal of Economic Theory, The International Society for Economic Theory, vol. 1(1), pages 43-55.
  • Handle: RePEc:bla:ijethy:v:1:y:2005:i:1:p:43-55

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    References listed on IDEAS

    1. Naoki Yoshihara, 2000. "On Effcient and Procedurally-Fair Equilibrium Allocations in Sharing Games," Discussion Paper Series a397, Institute of Economic Research, Hitotsubashi University.
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