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Unbounded exchange economies with satiation: How far can we go?

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Listed author(s):
  • Martins-da-Rocha, V. Filipe
  • Monteiro, Paulo K.

Abstract

We unify and generalize the existence results in Werner [Werner, J., 1987. Arbitrage and the existence of competitive equilibrium. Econometrica 55 (6), 1403-1418], Dana et al. [Dana, R.-A., Le Van, C., Magnien, F., 1999. On the different notions of arbitrage and existence of equilibrium. Journal of Economic Theory 87 (1), 169-193], Allouch et al. [Allouch, N., Le Van, C., Page Jr., F.H., 2006. Arbitrage and equilibrium in unbounded exchange economies with satiation. Journal of Mathematical Economics 42 (6), 661-674], Allouch and Le Van [Allouch, N., Le Van, C., 2008. Erratum to "Walras and dividends equilibrium with possibly satiated consumers". Journal of Mathematical Economics 45 (3-4), 320-328]. We also show that, in terms of weakening the set of assumptions, we cannot go too far.

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File URL: http://www.sciencedirect.com/science/article/pii/S0304-4068(09)00027-5
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Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 45 (2009)
Issue (Month): 7-8 (July)
Pages: 465-478

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Handle: RePEc:eee:mateco:v:45:y:2009:i:7-8:p:465-478
Contact details of provider: Web page: http://www.elsevier.com/locate/jmateco

Keywords: Competitive equilibrium Unbounded action sets Satiation Individually rational utility set No-arbitrage;

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  1. Donald J. Brown & Jan Werner, 1995. "Arbitrage and Existence of Equilibrium in Infinite Asset Markets," Review of Economic Studies, Oxford University Press, vol. 62(1), pages 101-114.
  2. Allouch, Nizar & Le Van, Cuong, 2008. "Walras and dividends equilibrium with possibly satiated consumers," Journal of Mathematical Economics, Elsevier, vol. 44(9-10), pages 907-918, September.
  3. Page Jr., Frank H. & Wooders, Myrna Holtz, 1996. "A necessary and sufficient condition for the compactness of individually rational and feasible outcomes and the existence of an equilibrium," Economics Letters, Elsevier, vol. 52(2), pages 153-162, August.
  4. Dana, Rose-Anne & Le Van, Cuong & Magnien, Francois, 1999. "On the Different Notions of Arbitrage and Existence of Equilibrium," Journal of Economic Theory, Elsevier, vol. 87(1), pages 169-193, July.
  5. Allingham, Michael, 1991. "Existence Theorems in the Capital Asset Pricing Model," Econometrica, Econometric Society, vol. 59(4), pages 1169-1174, July.
  6. PageJr., Frank H. & Wooders, Myrna H. & Monteiro, Paulo K., 2000. "Inconsequential arbitrage," Journal of Mathematical Economics, Elsevier, vol. 34(4), pages 439-469, December.
  7. Allouch, Nizar, 2002. "An equilibrium existence result with short selling," Journal of Mathematical Economics, Elsevier, vol. 37(2), pages 81-94, April.
  8. Allouch, Nizar & Le Van, Cuong & Page, Frank Jr., 2002. "The geometry of arbitrage and the existence of competitive equilibrium," Journal of Mathematical Economics, Elsevier, vol. 38(4), pages 373-391, December.
  9. Page, Frank Jr., 1987. "On equilibrium in Hart's securities exchange model," Journal of Economic Theory, Elsevier, vol. 41(2), pages 392-404, April.
  10. Le Van, C. & Page, F.H.Jr. & Wooders, M., 2001. "Arbitrage and Equilibrium in Economies with Externalities," The Warwick Economics Research Paper Series (TWERPS) 588, University of Warwick, Department of Economics.
  11. Allouch, Nizar & Le Van, Cuong & Page, Frank Jr., 2006. "Arbitrage and equilibrium in unbounded exchange economies with satiation," Journal of Mathematical Economics, Elsevier, vol. 42(6), pages 661-674, September.
  12. Werner, Jan, 1987. "Arbitrage and the Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 55(6), pages 1403-1418, November.
  13. Hart, Oliver D., 1974. "On the existence of equilibrium in a securities model," Journal of Economic Theory, Elsevier, vol. 9(3), pages 293-311, November.
  14. D. Won & G. Hahn & N. Yannelis, 2008. "Capital market equilibrium without riskless assets: heterogeneous expectations," Annals of Finance, Springer, vol. 4(2), pages 183-195, March.
  15. Hammond, Peter J., 1983. "Overlapping expectations and Hart's conditions for equilibrium in a securities model," Journal of Economic Theory, Elsevier, vol. 31(1), pages 170-175, October.
  16. Lars Tyge Nielsen, 1989. "Asset Market Equilibrium with Short-Selling," Review of Economic Studies, Oxford University Press, vol. 56(3), pages 467-473.
  17. repec:dau:papers:123456789/6228 is not listed on IDEAS
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Cited by:

  1. Allouch, Nizar & Florenzano, Monique, 2013. "Edgeworth rejective core and dividends equilibria of satiated exchange economies," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 1-6.
  2. Guangsug Hahn & Dong Chul Won, 2009. "Satiation and Equilibrium in Unbounded Exchange Economies," Korean Economic Review, Korean Economic Association, vol. 25, pages 349-366.
  3. Nizar Allouch & Monique Florenzano, 2011. "Satiated economies with unbounded consumption sets : fuzzy core and equilibrium," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00598038, HAL.
  4. Nizar Allouch & Monique Florenzano, 2012. "Fuzzy Rejective Core of Satiated Economies with Unbounded Consumption Sets," Working Papers 690, Queen Mary University of London, School of Economics and Finance.
  5. Sato, Norihisa, 2010. "Satiation and existence of competitive equilibrium," Journal of Mathematical Economics, Elsevier, vol. 46(4), pages 534-551, July.
  6. Won, Dong Chul & Yannelis, Nicholas C., 2008. "Equilibrium theory with unbounded consumption sets and non-ordered preferences: Part I. Non-satiation," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1266-1283, December.
  7. Won, Dong Chul & Yannelis, Nicholas C., 2011. "Equilibrium theory with satiable and non-ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 47(2), pages 245-250, March.
  8. repec:hal:journl:halshs-00241543 is not listed on IDEAS

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