Excess Demand Functions with Incomplete Markets - A Global Result
The purpose of this paper is to give a global characterization of excess demand functions in a two period exchange economy with incomplete real asset markets. We show that continuity, homogeneity and Walrasï¿½ law characterize the aggregate excess demand functions on any compact price set which maintains the dimension of the budget set.
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- Chiappori, Pierre-Andre & Ekeland, Ivar, 1999. "Disaggregation of excess demand functions in incomplete markets1," Journal of Mathematical Economics, Elsevier, vol. 31(1), pages 111-129, February.