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The Survival Assumption and Existence of Competitive Equilibria When Asset Markets are Incomplete


Gottardi, Piero; Hens, Thorsten (1996). The Survival Assumption and Existence of Competitive Equilibria When Asset Markets are Incomplete. Journal of Economic Theory, 71(2):313-323.

Abstract

The paper studies the role and the formulation of the survival assumption with incomplete markets. We are able to show the existence of a competitive equilibrium when the agents' endowments lie on the boundary of their consumption set. However, for this some additional assumptions with respect to the complete market case are needed. These are joint restrictions on the asset structure and the distribution of the endowments and preferences.

Abstract

The paper studies the role and the formulation of the survival assumption with incomplete markets. We are able to show the existence of a competitive equilibrium when the agents' endowments lie on the boundary of their consumption set. However, for this some additional assumptions with respect to the complete market case are needed. These are joint restrictions on the asset structure and the distribution of the endowments and preferences.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Economics and Econometrics
Language:English
Date:November 1996
Deposited On:24 Nov 2020 08:57
Last Modified:25 Nov 2020 21:01
Publisher:Elsevier
ISSN:0022-0531
OA Status:Closed
Publisher DOI:https://doi.org/10.1006/jeth.1996.0123
Related URLs:https://www.sciencedirect.com/science/article/abs/pii/S0022053196901234 (Publisher)
Other Identification Number:merlin-id:19960

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