An Extension of Mantel (1976) to Incomplete Markets

Thorsten Hens

No 71, IEW - Working Papers from Institute for Empirical Research in Economics - University of Zurich

Abstract: In the incomplete markets model with numeraire asset and a single con- sumption good we show that, even with homothetic preferences, on compact sets of prices Continuity, Walras' identity and Homogeneity characterize the properties of market excess demand.This result is proved by an extension of Mantel (1976) to the case of incomplete markets.

Keywords: structure of excess demand; incomplete markets (search for similar items in EconPapers)
JEL-codes: C62 D52 G10 (search for similar items in EconPapers)
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