Satiation and Equilibrium in Unbounded Exchange Economies

Guangsug Hahn and Dong Chul Won ()
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Guangsug Hahn: POSTECH

Korean Economic Review, 2009, vol. 25, 349-366

Abstract: We show the existence of equilibrium in an economy where preferences may be non-ordered, satiated, and consumption sets need not be bounded from below. Satiation is allowed to occur inside the set of attainable and individually rational allocations. The paper provides a unified approach to the classical general equilibrium theory with non-ordered preferences, the arbitrage-based literature with unbounded choice sets, and the asset pricing models with satiated preferences.

Keywords: Short-Selling; Satiation; Non-Ordered Preferences; Arbitrage; Competitive Equilibrium; CAPM (search for similar items in EconPapers)
JEL-codes: C62 D51 D52 G12 (search for similar items in EconPapers)
Date: 2009
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