Equilibria in a multi-period economy

Bernard Cornet and Abhishek Ranjan

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: We consider the model of a financial exchange economy with finitely many periods having financial restricted participation i.e., each agents portfolio choice is restricted to a closed convex set containing zero, as in Siconolfi [1989]. Time and uncertainty are represented by a finite event-tree. There is a market for physical commodities at any state today or in any date of future and financial transfers across time and across states are allowed by means of finitely many financial assets (nominal and numeraire assets). We prove a general existence result of equilibria for such a financial exchange economy in which agents may have non-ordered preferences.

Keywords: arbitrage free prices; equilibrium; financial exchange economy; Multi-period economy; restricted participation; prix sans arbitrage; équilibre général; économie d'échange financière; Multi-période économie; participation contraintes (search for similar items in EconPapers)
Date: 2013-02
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00801402v1
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Published in 2013

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Related works:
Working Paper: Equilibria in a multi-period economy (2013)
Working Paper: Equilibria in a multi-period economy (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00801402

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