Existence of equilibrium on asset markets with a countably infinite number of states

Thai Ha-Huy and Cuong Le Van ()
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Cuong Le Van: IPAG Business School, VCREME - Van Xuan Center of Research in Economics, Management and Environment, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: We consider a model with a countably infinite number of states of nature. The agents have equivalent probability beliefs and von Neumann-Morgenstern utilities. The No-Arbitrage Prices in this this paper are, up to a scalar, the marginal utilities. We introduce the Beliefs Strong Equivalence and the No Half Line Condition of the same type conditions. Under these conditions, the No Arbitrage price condition is sufficient for the existence of an equilibrium when the commodity space is l p , 1 ≤ p

Keywords: beliefs strong equivalence; asset market equilibrium; individually rational attainable allocations; individually rational utility set; no-arbitrage prices; no-arbitrage condition (search for similar items in EconPapers)
Date: 2023-06-16
New Economics Papers: this item is included in nep-upt
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Related works:
Journal Article: Existence of equilibrium on asset markets with a countably infinite number of states (2017)
Working Paper: Existence of equilibrium on asset markets with a countably infinite number of states (2017)
Working Paper: Existence of equilibrium on asset markets with a countably infinite number of states (2017)
Working Paper: Existence of equilibrium on asset markets with a countably infinite number of states (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:hal-04130993

DOI: 10.1016/j.jmateco.2017.07.001

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