Excess demand functions with incomplete markets--a global result
The purpose of this paper is to give a global characterization of excess demand functions in a two period exchange economy with incomplete real asset markets. We show that continuity, homogeneity and Walras’ law characterize the aggregate excess demand functions on any compact price set which maintains the dimension of the budget set.
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- Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
- Bottazzi, Jean-Marc & Hens, Thorsten, 1996. "Excess Demand Functions and Incomplete Markets," Journal of Economic Theory, Elsevier, vol. 68(1), pages 49-63, January.
- 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.
- Piero Gottardi & Andreu Mas-Colell, 1999. "A Note on the Decomposition (at a Point) of Aggregate Excess Demand on the Grassmannian," Working Papers 99-11, Brown University, Department of Economics.
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