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.
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.
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.
| 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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Gottardi, Piero