Excess demand function around critical prices in incomplete markets
We show that the aggregate excess demand function in an economy with incomplete real asset markets can be characterized by Walras' law, homogeneity, and continuity around critical prices that cause one-dimensional drop of the dimension of the budget set.
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- Momi, Takeshi, 2003.
"Excess demand functions with incomplete markets--a global result,"
Journal of Economic Theory,
Elsevier, vol. 111(2), pages 240-250, August.
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- Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
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