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Generic existence of competitive equilibria when the asset market is incomplete: A symmetric argument

Author

Listed:
  • Herakles M. Polemarchakis

    (CORE, Université Catholique de Louvain, B-1348 Louvain-la-Neuve, BELGIUM)

  • Paolo Siconolfi

    (Graduate School of Business, Columbia University, New York, NY 10027, USA)

Abstract

The argument for the generic existence of competitive equilibria when the asset market is incomplete can be formulated with symmetric treatment of all individuals. The argument extends to a large economy.

Suggested Citation

  • Herakles M. Polemarchakis & Paolo Siconolfi, 1995. "Generic existence of competitive equilibria when the asset market is incomplete: A symmetric argument," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 6(3), pages 495-510.
    • Handle: RePEc:spr:joecth:v:6:y:1995:i:3:p:495-510
    Note: Received: July 19, 1993; revised version November 21, 1994
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    Cited by:

    1. Polemarchakis, H. M. & Siconolfi, P., 1997. "Generic existence of competitive equilibria with restricted participation," Journal of Mathematical Economics, Elsevier, vol. 28(3), pages 289-311, October.
    2. Faias Marta & Luque Jaime, 2018. "Cross-listed Securities and Multiple Exchange Memberships: Demand Differentiability and Equilibrium Existence," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 18(1), pages 1-12, January.
    3. TIRELLI, Mario, 2000. "Constrained suboptimality and financial innovation in GEI with a single commodity," LIDAM Discussion Papers CORE 2000019, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    4. Florig, Michael & Meddeb, Moncef, 2007. "Slack in incomplete markets with nominal assets: A symmetric proof," Journal of Mathematical Economics, Elsevier, vol. 43(5), pages 640-655, June.

    More about this item

    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets

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