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Sperner's lemma and competitive equilibrium with incomplete financial markets

Author

Listed:
  • Thanh Le

    (University of Wollongong [Australia])

  • Cuong Le Van

    (CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Ngoc-Sang Pham

    (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie)

  • Cagri Saglam

    (Bilkent University [Ankara])

Abstract

We establish the existence of a competitive equilibrium in a two-period stochastic economy with incomplete financial markets by using Sperner's lemma. Our existence result covers (but is not limited to) several results in the literature, including the cases of nominal and numéraire assets. Moreover, there may exist a continuum of equilibrium prices.

Suggested Citation

  • Thanh Le & Cuong Le Van & Ngoc-Sang Pham & Cagri Saglam, 2024. "Sperner's lemma and competitive equilibrium with incomplete financial markets ," PSE-Ecole d'économie de Paris (Postprint) hal-04552148, HAL.
    • Handle: RePEc:hal:pseptp:hal-04552148
    Note: View the original document on HAL open archive server: https://hal.science/hal-04552148
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