Existence of Equilibria in Incomplete Markets with Non-ordered Preferences

Erkan Yalcin; Duygu Yengin

doi:10.1142/S1793005714500112

Existence of Equilibria in Incomplete Markets with Non-ordered Preferences

Research output: Contribution to journal › Article › peer-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 language	English
Pages (from-to)	203-210
Number of pages	8
Journal	New Mathematics and Natural
Volume	10
Issue number	3
DOIs	https://doi.org/10.1142/S1793005714500112
Publication status	Published - Nov 2014

Keywords

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

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10.1142/S1793005714500112

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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.",

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AB - 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.

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KW - Convex analysis

KW - equilibrium existence

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KW - non-ordered preferences

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Existence of Equilibria in Incomplete Markets with Non-ordered Preferences

Abstract

Keywords

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