EXISTENCE OF EQUILIBRIA WITH INCOMPLETE MARKETS - THE CASE OF SMOOTH RETURNS

被引：6

作者：

BOTTAZZI, JM ^{[1
]}

机构：

[1] HARVARD UNIV,DEPT ECON,CAMBRIDGE,MA 02138

来源：

JOURNAL OF MATHEMATICAL ECONOMICS | 1995年 / 24卷 / 01期

关键词：

INCOMPLETE MARKETS; GENERIC EXISTENCE; ASSETS;

D O I：

10.1016/0304-4068(94)00672-W

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The aim of this paper is to study a two-period incomplete market general equilibrium model with yields depending regularly on spot price. As the asset space is big, so are its exeptional sets and we will carefully exhibit a generic class of 'good' asset structures for which an equilibrium exists for generic endowments. This class of asset structure formalises the idea that asset structures for which there is a robust existence problem (cf. Ku and Polemarchakis (1990)), have 'sticky' critical prices.

引用

页码：59 / 72

页数：14

共 25 条

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Abraham R., 1967, TRANSVERSAL MAPPINGS

[2] THE STRUCTURE OF FINANCIAL EQUILIBRIUM WITH EXOGENOUS YIELDS - THE CASE OF INCOMPLETE MARKETS [J].