Existence of equilibrium on asset markets with a countably infinite number of states

被引：2
|
作者：
Thai Ha-Huy [1 ]
Cuong Le Van [2 ]
机构：
[1] Univ Evry Val Essonne, EPEE, Evry, France
[2] Paris Sch Econ, IPAG Business Sch, CNRS, VCREME,TIMAS, Paris, France
来源：
JOURNAL OF MATHEMATICAL ECONOMICS | 2017年 / 73卷
关键词：
Beliefs strong equivalence; Asset market equilibrium; Individually rational attainable allocations; Individually rational utility set; No-arbitrage prices; No-arbitrage condition; TEMPORARY GENERAL EQUILIBRIUM; COMPETITIVE-EQUILIBRIUM; SECURITIES MODEL; ARBITRAGE; SPACES; PREFERENCES; L(P);
D O I：
10.1016/j.jmateco.2017.07.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We consider a model with a countably infinite number of states of nature. The agents have equivalent probability beliefs and von Neumann-Morgenstern utilities. The No-Arbitrage Prices in this paper are, up to a scalar, the marginal utilities. We introduce the Beliefs Strong Equivalence and the No Half Line Condition of the same type conditions. Under these conditions, the No Arbitrage price condition is sufficient for the existence of an equilibrium when the commodity space is l(P), 1 <= p < +infinity. This No Arbitrage condition is necessary and sufficient for the existence of equilibrium when the total endowment is in l(infinity). Moreover, it is equivalent to the compactness of the individually rational utility set. (C) 2017 Elsevier B.V. All rights reserved.
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页码：44 / 53
页数：10
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