Sperner's lemma and competitive equilibrium with incomplete financial markets

Thanh Le, Cuong Le Van (), Ngoc-Sang Pham and Çağrı Sağlam
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Cuong Le Van: CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: We establish the existence of a competitive equilibrium in a two-period stochastic economy with incomplete financial markets by using Sperner's lemma. Our existence result covers (but is not limited to) several results in the literature, including the cases of nominal and numéraire assets. Moreover, there may exist a continuum of equilibrium prices.

Keywords: Sperner's lemma; Fixed-point theorem; General equilibrium; Incomplete market; Indeterminacy (search for similar items in EconPapers)
Date: 2024-05-01
New Economics Papers: this item is included in nep-fdg
Note: View the original document on HAL open archive server: https://hal.science/hal-04552148v1
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Published in Economics Letters, 2024, 238, pp.111720. ⟨10.1016/j.econlet.2024.111720⟩

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Journal Article: Sperner’s lemma and competitive equilibrium with incomplete financial markets (2024)
Working Paper: Sperner's lemma and competitive equilibrium with incomplete financial markets (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04552148

DOI: 10.1016/j.econlet.2024.111720

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