Existence of Equilibria in Incomplete Markets with Non-Ordered Preferences

Erkan Yalcin () and Duygu Yengin ()
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Erkan Yalcin: UNE Business School, University of New England, Armidale, NSW 2351, Australia

New Mathematics and Natural Computation (NMNC), 2014, vol. 10, issue 03, 203-210

Abstract: We consider a two-period exchange economy with a finite set of consumers, states of nature, independent assets and a single consumption good. We prove the existence of competitive equilibrium in incomplete markets, when consumption set is not assumed to be compact, set of assets is linearly independent, and individuals' preferences are not assumed to be complete or transitive. Our study therefore generalizes various results in the existing literature.

Keywords: Convex analysis; non-ordered preferences; incomplete markets; equilibrium existence; constrained core (search for similar items in EconPapers)
Date: 2014
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Working Paper: Existence of Equilibrium in Incomplete Markets with Non-Ordered Preferences (2010)
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DOI: 10.1142/S1793005714500112

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