No-arbitrage condition and existence of equilibrium in asset markets with a continuum of traders

Cuong Le van and François Magnien
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François Magnien: INSEE - Institut national de la statistique et des études économiques (INSEE)

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

Abstract: In the present paper, we prove that a no-arbitrage condotion (à la Werner) is necessary and sufficient for the existence of an equilibrium with a continuum of traders and a finite of assets. As in Aumann (1966), Hildenbrand (1974) and Schmeidler (1969), preferences are not assume to be convex. We do not use Fatou's Lemma and do not assume that the consumption sets are compact

Keywords: equilibrium in asset market; no-arbitrage condition; no-arbitrage price; continuum of tradres; closed convergence topology; Fatou's Lemma (search for similar items in EconPapers)
Date: 2005-03
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Published in International Journal of Economic Theory, 2005, 1 (1), pp.43-55. ⟨10.1111/j.1742-7363.2005.00004.x⟩

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Journal Article: No‐arbitrage condition and existence of equilibrium in asset markets with a continuum of traders (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00101351

DOI: 10.1111/j.1742-7363.2005.00004.x

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