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Excess demand function around critical prices in incomplete markets

  • Momi, Takeshi

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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Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 46 (2010)
Issue (Month): 3 (May)
Pages: 293-302

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Handle: RePEc:eee:mateco:v:46:y:2010:i:3:p:293-302
Contact details of provider: Web page: http://www.elsevier.com/locate/jmateco

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  1. Takeshi Momi, . "Excess Demand Functions with Incomplete Markets - A Global Result," IEW - Working Papers 096, Institute for Empirical Research in Economics - University of Zurich.
  2. 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.
  3. 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.
  4. 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.
  5. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
  6. Bottazzi, Jean-Marc & Hens, Thorsten, 1996. "Excess Demand Functions and Incomplete Markets," Journal of Economic Theory, Elsevier, vol. 68(1), pages 49-63, January.
  7. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
  8. Hart, Oliver D., 1975. "On the optimality of equilibrium when the market structure is incomplete," Journal of Economic Theory, Elsevier, vol. 11(3), pages 418-443, December.
  9. Gottardi, Piero & Mas-Colell, Andreu, 2000. "A note on the decomposition (at a point) of aggregate excess demand on the Grassmannian1," Journal of Mathematical Economics, Elsevier, vol. 33(4), pages 463-473, May.
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