No-arbitrage and Equilibrium in Finite Dimension: A General Result

Thai Ha-Huy (), Cuong Le Van (), Frank Page () and Myrna Wooders
Additional contact information
Thai Ha-Huy: EPEE, University of Evry-val-d’Essonne
Cuong Le Van: IPAG Business School, Paris School of Economics, CNRS, TIMAS
Frank Page: Indiana University

No 17-06, Documents de recherche from Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne

Abstract: We consider an exchange economy with a finite number of assets and a finite number of agents. The utility functions of the agents are concave, strictly increasing and their suprema equal infity. We use weak no-arbitrage prices a la Dana and Le Van [5]. Our main result is: an equilibrium exists if, and only if, their exists a weak no-arbitrage price common to all the agents.

Keywords: asset market equilibrium; individually rational attainable allocations; individually rational utility set; no-arbitrage prices; weak noarbitrage prices; no-arbitrage condition (search for similar items in EconPapers)
JEL-codes: C62 D50 D81 D84 G1 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2017
New Economics Papers: this item is included in nep-dcm and nep-upt
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Related works:
Working Paper: No-arbitrage and Equilibrium in Finite Dimension: A General Result (2017)
Working Paper: No-arbitrage and Equilibrium in Finite Dimension: A General Result (2017)
Working Paper: No-arbitrage and Equilibrium in Finite Dimension: A General Result (2017)
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