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

Thai Ha-Huy (), Cuong Le Van (), Frank Page and Myrna Wooders ()
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Thai Ha-Huy: EPEE - Centre d'Etudes des Politiques Economiques - UEVE - Université d'Évry-Val-d'Essonne
Cuong Le Van: PSE - Paris School of Economics, CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, IPAG Business School
Frank Page: Department of Economics, Indiana University - Indiana University [Bloomington] - Indiana University System

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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 no-arbitrage prices; no-arbitrage condition (search for similar items in EconPapers)
Date: 2017-05
New Economics Papers: this item is included in nep-upt
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Published in 2017

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Working Paper: No-arbitrage and Equilibrium in Finite Dimension: A General Result (2017) Downloads
Working Paper: No-arbitrage and Equilibrium in Finite Dimension: A General Result (2017) Downloads
Working Paper: No-arbitrage and Equilibrium in Finite Dimension: A General Result (2017) Downloads
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