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Sperner’s lemma and competitive equilibrium with incomplete financial markets

Author

Listed:
  • Le, Thanh
  • Le Van, Cuong
  • Pham, Ngoc-Sang
  • Sağlam, Çağrı

Abstract

We establish the existence of a competitive equilibrium in a two-period stochastic economy with incomplete financial markets by using Sperner’s lemma. Our existence result covers (but is not limited to) several results in the literature, including the cases of nominal and numéraire assets. Moreover, there may exist a continuum of equilibrium prices.

Suggested Citation

  • Le, Thanh & Le Van, Cuong & Pham, Ngoc-Sang & Sağlam, Çağrı, 2024. "Sperner’s lemma and competitive equilibrium with incomplete financial markets," Economics Letters, Elsevier, vol. 238(C).
    • Handle: RePEc:eee:ecolet:v:238:y:2024:i:c:s0165176524002039
    DOI: 10.1016/j.econlet.2024.111720
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    More about this item

    Keywords

    Sperner’s lemma; Fixed-point theorem; General equilibrium; Incomplete market; Indeterminacy;
    All these keywords.

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • G1 - Financial Economics - - General Financial Markets

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