Extension of Stiemke's lemma and equilibrium in economies with infinite-dimensional commodity space and incomplete financial markets
Article Abstract:
The existence of a general equilibrium in a two-period economy with infinite-dimensional space and incomplete financial markets presents no problem, as long as securities are purely financial. The assumption is that trading occurs in the sequence of spot markets and futures markets for securities payable in units of account, with unlimited short-selling permitted. The existence of such an equilibrium is proved for an economy with Mackey continuity, weak convexity, strict monotonicity, complete preferences and strictly positive endowments.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1996
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A general equilibrium analysis of strategic arbitrage
Article Abstract:
General equilibrium framework with Cournot arbitrageurs is analyzed with a focus on price-taking investors who are under the pressure of restricted participation constraints. The existence of cournot-walras equilibria with endangered arbitrageurs is discussed.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 2004
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Endogenous market integration, manipulation and limits to arbitrage
Article Abstract:
An equilibrium model related to strategic arbitrages and the exclusion of manipulation in order to have market convergence is proposed.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 2006
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