General equilibrium with producers and brokers Existence and regularity

Elyès Jouini ()

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Abstract: In this paper we prove the existence of general equilibrium with transaction costs generalizing Hahn's (Review of Economic Studies, 1973, 40, 449-461) model by introducing producers and nonconvexities (in particular we allow for increasing returns in transaction sets). We also recover any exchange economy as a special case and this allows us to analyze the effects of small frictions on bid-ask prices, consumption vectors and utilities. We prove that, generically, the induced perturbations are of the same order as the frictions.

Keywords: General; equilibrium (search for similar items in EconPapers)
Date: 1993
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Citations: View citations in EconPapers (3)

Published in Economics Letters, 1993, 41, pp.257-263

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Journal Article: General equilibrium with producers and brokers: Existence and regularity (1993)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00167137

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