Existence of Equilibrium in Incomplete Markets with Non-Ordered Preferences
In this paper we extend the results of recent studies on the existence of equilibrium in finite dimensional asset markets for both bounded and unbounded economies. We do not assume that the individual's preferences are complete or transitive. Our existence theorems for asset markets allow for short selling. We shall also show that the equilibrium achieves a constrained core within the same framework.
|Date of creation:||16 Apr 2002|
|Date of revision:|
|Note:||Type of Document - Tex; prepared on IBM PC; to print on HP;|
|Contact details of provider:|| Web page: http://econwpa.repec.org|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lars Tyge Nielsen, 1989. "Asset Market Equilibrium with Short-Selling," Review of Economic Studies, Oxford University Press, vol. 56(3), pages 467-473.
- David Kelsey & Frank Milne, 1992.
"The arbitrage Pricing Theorem with Non Expected Utility Preferences,"
866, Queen's University, Department of Economics.
- Kelsey David & Milne Frank, 1995. "The Arbitrage Pricing Theorem with Non-expected Utility Preferences," Journal of Economic Theory, Elsevier, vol. 65(2), pages 557-574, April.
- Kelsey, D. & Milne, F., 1990. "The Arbitrage Pricing Theorem with non Expected Utility Preferences," Papers 217, Australian National University - Department of Economics.
- Duffie, Darrell & Shafer, Wayne, 1985. "Equilibrium in incomplete markets: I : A basic model of generic existence," Journal of Mathematical Economics, Elsevier, vol. 14(3), pages 285-300, June.
- Polterovich, Victor & Mityushin, Leonid, 1978. "Criteria for Monotonicity of Demand Functions," MPRA Paper 20097, University Library of Munich, Germany.
- Werner, Jan, 1987. "Arbitrage and the Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 55(6), pages 1403-18, November.
- Haller, Hans, 1991. "Corporate Production and Shareholder Cooperation under Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(4), pages 823-42, November.
- Page Jr., F.H. & Wooders, M.H., 1995.
"The partnered core of an economy,"
1995-55, Tilburg University, Center for Economic Research.
- Wooders, M., 1994. "The Partnered Core of an Economy," UFAE and IAE Working Papers 279.94, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Page, F.H. & Holtz Wooders, M., 1995. "The Partenered Core of an Economy," Papers 9555, Tilburg - Center for Economic Research.
- Wayne Shafer & Hugo Sonnenschein, 1974.
"Equilibrium in Abstract Economies Without Ordered Preferences,"
94, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Shafer, Wayne & Sonnenschein, Hugo, 1975. "Equilibrium in abstract economies without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(3), pages 345-348, December.
- Shafer, Wayne J., 1976. "Equilibrium in economies without ordered preferences or free disposal," Journal of Mathematical Economics, Elsevier, vol. 3(2), pages 135-137, July.
- Bettzuge, Marc Oliver, 1998. "An extension of a theorem by Mitjushin and Polterovich to incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 30(3), pages 285-300, October.
- David Kelsey & Erkan Yalcin, 2004.
"The Arbitrage Pricing Theorem with Incomplete Preferences,"
GE, Growth, Math methods
- Kelsey, David & Yalcin, Erkan, 2007. "The arbitrage pricing theorem with incomplete preferences," Mathematical Social Sciences, Elsevier, vol. 54(1), pages 90-105, July.
- Milne, Frank, 1976. "Default Risk in a General Equilibrium Asset Economy with Incomplete Markets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 17(3), pages 613-25, October.
- Border, Kim C, 1984. "A Core Existence Theorem for Games without Ordered Preferences," Econometrica, Econometric Society, vol. 52(6), pages 1537-42, November.
When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpge:0204002. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA)
If references are entirely missing, you can add them using this form.