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The Structure of Equilibrium in an Asset Market with Variable Supply

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Abstract

This note presents new results on existence of rich Fubini extensions. The notion of a rich Fubini extension was recently introduced by Sun (2006) and shown by him to provide the proper framework to obtain an exact law of large numbers for a continuum of random variables. In contrast to the existence results for rich Fubini extensions established by Sun (2006), the arguments in this note don’t use constructions from nonstandard analysis.

Suggested Citation

  • Konrad Podczeck, 2008. "The Structure of Equilibrium in an Asset Market with Variable Supply," Vienna Economics Papers 0807, University of Vienna, Department of Economics.
  • Handle: RePEc:vie:viennp:0807
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    File URL: http://homepage.univie.ac.at/Papers.Econ/RePEc/vie/viennp/vie0807.pdf
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    as
    1. Sun, Yeneng, 2006. "The exact law of large numbers via Fubini extension and characterization of insurable risks," Journal of Economic Theory, Elsevier, vol. 126(1), pages 31-69, January.
    2. Al-Najjar, Nabil I., 2004. "Aggregation and the law of large numbers in large economies," Games and Economic Behavior, Elsevier, vol. 47(1), pages 1-35, April.
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    JEL classification:

    • C00 - Mathematical and Quantitative Methods - - General - - - General
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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