Excess Demand Functions with Incomplete Markets - A Global Result

Takeshi Momi ()

No iewwp096, IEW - Working Papers from Institute for Empirical Research in Economics - IEW

Abstract: The purpose of this paper is to give a global characterization of excess demand functions in a two period exchange economy with incomplete real asset markets. We show that continuity, homogeneity and Walras’ law characterize the aggregate excess demand functions on any compact price set which maintains the dimension of the budget set.

Keywords: Incomplete Markets; Excess Demand (search for similar items in EconPapers)
JEL-codes: D52 C62 (search for similar items in EconPapers)
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Related works:
Journal Article: Excess demand functions with incomplete markets--a global result (2003)
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Persistent link: http://EconPapers.repec.org/RePEc:zur:iewwpx:096

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