Existence of financial quasi-equilibria with restricted participation

We consider a two-date model of a financial exchange economy with finitely many agents having financial restricted participation, i.e., each agent’s portfolio choice is restricted to a closed convex set containing zero, as in Siconolfi. There is a market for physical commodities at any state today or tomorrow and financial transfers across time and across states are allowed by means of finitely many nominal or numéraire assets. We prove a general existence result of quasi-equilibria for such a financial exchange economy in which agents may have nonordered preferences. My work is an extension of the general existence result of equilibria given by Cornet and Aouani [2], which is an extension of results by Cass[5], Werner[13], and Duffie[6] when assets are nominal and of Geanakoplos and Polemarchakis[9] in the case of numéraire assets.