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 Walrasï¿½ law characterize the aggregate excess demand functions on any compact price set which maintains the dimension of the budget set.
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- Pierre-André Chiappori & Ivar Ekeland & Martin Browning, 1999. "Local disaggregation of demand and excess demand functions: a new question," Discussion Papers 99-09, University of Copenhagen. Department of Economics.
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- 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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- repec:dau:papers:123456789/6343 is not listed on IDEAS
- Chiappori, Pierre-Andre & Ekeland, Ivar, 1999. "Disaggregation of excess demand functions in incomplete markets1," Journal of Mathematical Economics, Elsevier, vol. 31(1), pages 111-129, February.