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The Existence of Equilibrium without Free Disposal in

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  • Repullo, Rafael

Abstract

This paper presents a general model of an economy with transaction costs, and proves the existence of a competitive equilibrium using T. C. Bergstrom's procedure to discard the free-disposal assumption. Since economies with incomplete markets are shown to be special cases of economies with transaction costs, this result is used to discuss the conditions for the existence of an equilibrium in economies with incomplete markets. Copyright 1987 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Repullo, Rafael, 1987. "The Existence of Equilibrium without Free Disposal in," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(2), pages 275-290, June.
  • Handle: RePEc:ier:iecrev:v:28:y:1987:i:2:p:275-90
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    Cited by:

    1. Martins-da-Rocha, Victor Filipe & Vailakis, Yiannis, 2008. "Endogenous Transaction Costs," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 680, FGV/EPGE - Escola Brasileira de Economia e Finan├žas, Getulio Vargas Foundation (Brazil).
    2. V. Martins-da-Rocha & Yiannis Vailakis, 2010. "Financial markets with endogenous transaction costs," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 45(1), pages 65-97, October.

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