No-arbitrage and Equilibrium in Finite Dimension: A General Result
Résumé
We consider an exchange economy with a finite number of assets and a finite number of agents. The utility functions of the agents are concave, strictly increasing and their suprema equal infity. We use weak no-arbitrage prices a la Dana and Le Van [5]. Our main result is: an equilibrium exists if, and only if, their exists a weak no-arbitrage price common to all the agents.
Origine | Fichiers produits par l'(les) auteur(s) |
---|
Loading...