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| Author: | Bottazzi, J.-M. Hens, T. |
| Title: | Excess demand functions and incomplete markets |
| Journal: | Journal of Economic Theory
1996 : JAN, VOL. 68:1, p. 49-63 |
| Index terms: | DEMAND FUNCTIONS INCOMPLETE MARKETS ECONOMICS |
| Language: | eng |
| Abstract: | This paper is aimed at characterizing excess demand functions around noncritical spot price systems in two-period exchange economies with incomplete markets and real assets. Sonnenschein, Mantel, and Debreu proved that for an Arrow-Debreu exchange economy, the excess demand functions are characterized on a compact set of prices by continuity, homogeneity, and Walras's law. This has sometimes been attributed to an overly abstract formulation of the model. There are at least two approaches that allow a departure from the Arrow-Debreu model towards more detailed analysis. |
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