An Extension of Mantel (1976) to Incomplete Markets
نویسنده
چکیده
In the incomplete markets model with numeraire asset and a single consumption good we show that, even with homothetic preferences, on compact sets of prices Continuity, Walras’ identity and Homogeneity characterize the properties of market excess demand. This result is proved by an extension of Mantel (1976) to the case of incomplete markets. Journal of Economic Literature Class. No. : D 52, C 62, G 10.
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