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A note on two notions of arbitrage

Nizar Allouch

No 269397, Economic Research Papers from University of Warwick - Department of Economics

Abstract: Since Hart's [5] and Werner's [10] seminal papers, several conditions have been proposed to show the existence of equilibrium in an asset exchange economy with short-selling. In this note, we discuss the relationship between two no-arbitrage conditions. The ¯rst condition is the assumption that the individually rational utility set U is compact, as considered by Dana, Le Van and Magnien [1]. The second is inconsequential arbitrage, introduced by Page, Wooders and Monteiro [9]. The main result of this comparison is to show that the inconsequential arbitrage condition is stronger than the assumption that U is compact.

Keywords: Agricultural and Food Policy; Marketing (search for similar items in EconPapers)
Pages: 8
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uwarer:269397

DOI: 10.22004/ag.econ.269397

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