Equilibria in a multi-period economy

Bernard Cornet and Abhishek Ranjan

Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne

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: Multi-period economy; restricted participation; financial exchange economy; arbitrage free prices; equilibrium (search for similar items in EconPapers)
JEL-codes: C62 D52 D53 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2013-02
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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ftp://mse.univ-paris1.fr/pub/mse/CES2013/13021.pdf (application/pdf)

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:mse:cesdoc:13021

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