Edgeworth and Walras equilibria of an arbitrage-free exchange economy
Nizar Allouch and
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In this paper, we first give a direct proof of the existence of Edgeworth equilibria for exchange economies with consumption sets which are (possibly) unbounded below. The key assumption is that the individually rational utility set is compact. It is worth noticing that the statement of this result and its proof do not depend on the dimension or the particular structure of the commodity space. In a second part of the paper, we give conditions under which Edgeworth allocations can be decentralized by continuous prices in a finite dimensional and in an infinite dimensional setting. We then show how these results apply to some finance models.
Keywords: Arbitrage-free asset markets; individually rational utility set; Edgeworth equilibria; fuzzy coalitions; fuzzy core; Walras equilibria; quasiequilibria; properness of preferences; Marchés financiers sans arbitrage; ensemble des utilités atteignables et individuellemnt rationnelles; équilibres d'Edgeworth; coalitions floues; coeur flou; équilibres de Walras; quasi-équilibre; propreté des préférences (search for similar items in EconPapers)
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Published in Economic Theory, Springer Verlag, 2004, 23 (2), pp.353-370. ⟨10.1007/s00199-003-0371-6⟩
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Journal Article: Edgeworth and Walras equilibria of an arbitrage-free exchange economy (2004)
Working Paper: Edgeworth and Walras equilibria of an arbitrage-free exchange economy (2004)
Working Paper: Edgeworth and Walras Equilibria of an Arbitrage-Free Exchange Economy (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00086096
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