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Markets And Games: A Simple Equivalence Among The Core, Equilibrium And Limited Arbitrage

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  • Graciela Chichilnisky

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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Suggested Citation

  • Graciela Chichilnisky, 1996. "Markets And Games: A Simple Equivalence Among The Core, Equilibrium And Limited Arbitrage," Metroeconomica, Wiley Blackwell, vol. 47(3), pages 266-280, October.
  • Handle: RePEc:bla:metroe:v:47:y:1996:i:3:p:266-280
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    File URL: http://hdl.handle.net/10.1111/j.1467-999X.1996.tb00392.x
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    References listed on IDEAS

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    1. Chichilnisky, G., 1992. "Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium," Papers 93-14, Columbia - Graduate School of Business.
    2. Graciela Chichilnisky, 1993. "On Strategic Control," The Quarterly Journal of Economics, Oxford University Press, vol. 108(1), pages 285-290.
    3. Page, Frank Jr., 1987. "On equilibrium in Hart's securities exchange model," Journal of Economic Theory, Elsevier, vol. 41(2), pages 392-404, April.
    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.
    5. CHICHILNISKY , Graciela, 1995. "A Unified Perspective on Resource Allocation : Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice," CORE Discussion Papers 1995027, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    6. Chichilnisky, G., 1993. "Intersecting Families of Sets and the Topology of Cones in Economics," Papers 93-17, Columbia - Graduate School of Business.
    7. 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 427-434, May.
    8. Werner, Jan, 1987. "Arbitrage and the Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 55(6), pages 1403-1418, November.
    9. 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.
    10. Lars Tyge Nielsen, 1989. "Asset Market Equilibrium with Short-Selling," Review of Economic Studies, Oxford University Press, vol. 56(3), pages 467-473.
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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;Society for Economic Design, vol. 17(2), pages 129-150, June.
    3. Graciela Chichilnisky, 2012. "Sustainable markets with short sales," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), 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.

    More about this item

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics

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