de Travail du Centre d ’ Economie de la Sorbonne On the rank of payoff matrices with long - term assets
نویسندگان
چکیده
We consider a stochastic financial exchange economy with a finite dateevent tree representing time and uncertainty and a nominal financial structure with possibly long-term assets. We exhibit a sufficient condition under which the payoff matrix and the full payoff matrix have the same rank. This generalizes previous results of Angeloni-Cornet and Magill-Quinzii involving only short-term assets. We then derive existence results with assumptions only based on the fundamentals of the economy.
منابع مشابه
de Travail du Centre d ’ Economie de la Sorbonne
In a recent but well known paper, Reny has proved the existence of Nash equilibria for compact and quasiconcave games, with possibly discontinuous payoff functions. In this paper, we prove that the quasiconcavity assumption in Reny’s theorem can be weakened: we introduce a measure allowing to localize the lack of quasiconcavity, which allows to refine the analysis of equilibrium existence.
متن کاملde Travail du Centre d ’ Economie de la Sorbonne Equilibrium on International Assets
Most of the international asset pricing models are developed in the situation where purchasing power parity (PPP) is not respected.Investors of different countries do not agree on expected security returns. However, in this case, an equilibrium on the international assets market may exist but not on the international goods market. Our purpose in this paper is to give conditions under which we h...
متن کاملde Travail du Centre d ’ Economie de la Sorbonne Guilbaud ’ s Theorem : An early contribution to judgment aggregation Daniel ECKERT , Bernard MONJARDET 2009
In a paper published in 1952 the French mathematician Georges-Théodule Guilbaud has generalized Arrows impossibility result to the "logical problem of aggregation", thus anticipating the literature on abstract aggregation theory and judgment aggregation. We reconstruct the proof of Guilbauds theorem, which is also of technical interest, because it can be seen as the rst use of ultra lters in...
متن کاملde Travail du Centre d ’ Economie de la Sorbonne Decision theory under uncertainty
We review recent advances in the field of decision making under uncertainty or ambiguity.
متن کاملde Travail du Centre d ’ Economie de la Sorbonne Guilbaud ’ s Theorem : An early contribution to judgment aggregation
In a paper published in 1952 the French mathematician Georges-Théodule Guilbaud has generalized Arrows impossibility result to the "logical problem of aggregation", thus anticipating the literature on abstract aggregation theory and judgment aggregation. We reconstruct the proof of Guilbauds theorem, which is also of technical interest, because it can be seen as the rst use of ultra lters in...
متن کامل