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On the Existence of Equilibrium with Incomplete Markets and Non-Monotonic Preferences

Brazilian Review of Econometrics

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Title On the Existence of Equilibrium with Incomplete Markets and Non-Monotonic Preferences
On the Existence of Equilibrium with Incomplete Markets and Non-Monotonic Preferences
 
Creator Carvajal, Andrés
Geanakoplos, John
Riascos, Alvaro
 
Description We provide a shorter proof than Geanakoplos and Polemarchakis (1986) of the existence of equilibrium in an incomplete financial market economy with numeraire assets, under the weak assumption that asset returns are non-negative. Furthermore, we relax the strict monotonicity assumption on preferences and as an application we prove the existence of equilibrium when agents may disagree on zero probability events but do not plan to go bankrupt in any state.
We provide a shorter proof than Geanakoplos and Polemarchakis (1986) of the existence of equilibrium in an incomplete financial market economy with numeraire assets, under the weak assumption that asset returns are non-negative. Furthermore, we relax the strict monotonicity assumption on preferences and as an application we prove the existence of equilibrium when agents may disagree on zero probability events but do not plan to go bankrupt in any state.
 
Publisher Sociedade Brasileira de Econometria
 
Date 2008-11-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
 
Format application/pdf
application/pdf
 
Identifier http://bibliotecadigital.fgv.br/ojs/index.php/bre/article/view/1513
10.12660/bre.v28n22008.1513
 
Source Brazilian Review of Econometrics; Vol. 28 No. 2 (2008); 239-247
Brazilian Review of Econometrics; v. 28 n. 2 (2008); 239-247
1980-2447
 
Language eng
por
 
Relation http://bibliotecadigital.fgv.br/ojs/index.php/bre/article/view/1513/932
http://bibliotecadigital.fgv.br/ojs/index.php/bre/article/view/1513/933