haku: @author Polemarchakis, H. / yhteensä: 6
viite: 2 / 6
| Tekijä: | Polemarchakis, H. Siconolfi, P. |
| Otsikko: | Generic existence of competitive equilibria when the asset market is incomplete: a symmetric argument |
| Lehti: | Economic Theory
1995 : VOL. 6:3, p. 495-510 |
| Asiasana: | OWN-LABEL GOODS COMPETITION MARKETS |
| Kieli: | eng |
| Tiivistelmä: | The argument for the generic existence of competitive equilibria when the asset market is incomplete can be formulated with symmetric treatment of all individuals. The argument extends to a large economy. When the asset market is incomplete, competitive equilibria need not exist. This is due to the discontinuous dependence of the attainable reallocations of revenue on commodity prices and was noted first by Randler (1972) and Hart (1975). Nevertheless, competitive equilibria exist generically. |
SCIMA