Existence of Equilibria in Incomplete Markets with Non-ordered Preferences

Erkan Yalcin, Duygu Yengin

    Research output: Contribution to journalArticlepeer-review

    Abstract

    We consider a two-period exchange economy with a finite set of consumers, states of nature, independent assets and a single consumption good. We prove the existence of competitive equilibrium in incomplete markets, when consumption set is not assumed to be compact, set of assets is linearly independent, and individuals' preferences are not assumed to be complete or transitive. Our study therefore generalizes various results in the existing literature.

    Original languageEnglish
    Pages (from-to)203-210
    Number of pages8
    JournalNew Mathematics and Natural
    Volume10
    Issue number3
    DOIs
    Publication statusPublished - Nov 2014

    Keywords

    • constrained core
    • Convex analysis
    • equilibrium existence
    • incomplete markets
    • non-ordered preferences

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