No-arbitrage condition and existence of equilibrium with dividends
Résumé
In this paper we first give an elementary proof of existence of equilibrium with dividends in an economy with possibly satiated consumers.
We then introduce a no-arbitrage condition and show that it is equivalent to the existence of equilibrium with dividends.
We then introduce a no-arbitrage condition and show that it is equivalent to the existence of equilibrium with dividends.
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