Edgeworth and Walras equilibria of an arbitrage-free exchange economy
نویسندگان
چکیده
منابع مشابه
Edgeworth and Walras equilibria of an arbitrage-free exchange economy
In this paper, we first give a direct proof of the existence of Edgeworth equilibria for exchange economies with (possibly) unbounded below consumption sets. The key assumption is that the individually rational utility set is compact. It is worth noticing that the statement of this result and its proof do not depend on the dimension or the particular structure of the commodity space. In a secon...
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Individuals exchange contracts for the delivery of commodities in competitive markets and, simultaneously, act strategically; actions affect utilities across individuals directly or through the payoffs of contracts. This encompasses economies with asymmetric information. Nash walras equilibria exist for large economies, even if utility functions are not quasi concave and choice sets are not con...
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We introduce a framework for analyzing Bertrand-Edgeworth equi-libria in nite Arrow-Debreu exchange economies. A key feature of the framework is the way trade takes place. There are two main stages. In the rst stage agents simultaneously choose prices and quantities of commodities they want to sell. In the second stage they enter the markets as buyers sequentially and choose only quantities of ...
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We study the convexity property of the set QF of arbitrage-free prices of a multiperiod financial structure F . The set of arbitrage-free prices is shown to be a convex cone under conditions on the financial stucture F that hold in particular for short lived assets. Furthermore, we provide examples of equivalent financial structures F and F ′ such that QF is a convex cone, but QF ′ is neither c...
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The existence of Nash and Walras equilibrium is proved via Brouwer's Fixed Point Theorem, without recourse to Kakutani's Fixed Point Theorem for correspondences. The domain of the Walras fixed point map is confined to the price simplex, even when there is production and weakly quasi-convex preferences. The key idea is to replace optimization with " satisficing improvement, " i.e., to replace th...
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ژورنال
عنوان ژورنال: Economic Theory
سال: 2004
ISSN: 0938-2259,1432-0479
DOI: 10.1007/s00199-003-0371-6