Excess demand function around critical prices in incomplete markets

Takeshi Momi

Journal of Mathematical Economics, 2010, vol. 46, issue 3, 293-302

Abstract: We show that the aggregate excess demand function in an economy with incomplete real asset markets can be characterized by Walras' law, homogeneity, and continuity around critical prices that cause one-dimensional drop of the dimension of the budget set.

Keywords: Incomplete; market; Disaggregation; of; excess; demand; Characterization; of; equilibrium; budget; sets (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:46:y:2010:i:3:p:293-302

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