Competitive Equilibrium for Incomplete Market Structures

Yves Younes

International Economic Review, 1990, vol. 31, issue 3, 495-520

Abstract: The objective is to analyze, in a general way, problems of existence and determinacy of competitive equilibria when the markets structures are incomplete. The usual properties of demand functions (behavior near the boundary, Slutsky matrix, and Walras law) are carried over from the case in which the typical consumer necessarily chooses his net trade in a hyperplane to the more general case of the consumer choosing in a vector subspace of any dimension. The notion of a price vector is replaced by the notion of a price system or, alternatively, by the notion of a vector of exchange ratios between bundles of commodities. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1990
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