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On the existence of equilibrium with incomplete markets and non-monotonic preferences
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Carvajal, Andrés M., Geanakoplos, John and Riascos, Alvaro (2008) On the existence of equilibrium with incomplete markets and non-monotonic preferences. Brazilian Review of Econometrics, Vol.28 (No.2).
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Abstract
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.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Journal or Publication Title: | Brazilian Review of Econometrics | ||||
Publisher: | Sociedade Brasileira de Econometria | ||||
Official Date: | 2008 | ||||
Dates: |
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Volume: | Vol.28 | ||||
Number: | No.2 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
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