Market demand functions in the capital asset pricing model

被引：3
|
作者：
Bottazzi, JM
Hens, T
Loffler, A
机构：
[1] Univ Paris 01, UFR 27, F-75634 Paris 13, France
[2] Univ Bielefeld, VWL Wirtschaftstheorie, D-33501 Bielefeld, Germany
[3] Free Univ Berlin, D-14195 Berlin, Germany
来源：
JOURNAL OF ECONOMIC THEORY | 1998年 / 79卷 / 02期
关键词：
D O I：
10.1006/jeth.1997.2370
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We demonstrate that in a CAPM economy Homogeneity, Walras' Law, and the Tobin Separation Property characterize market demand on finite sets of prices. Consequently, for any number n there exist CAPM economies which have at least n equilibria and hence have n different beta pricing formulas. Endowment perturbations in these economies cannot decrease the number of equilibria below n. (C) 1998 Academic Press.
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页码：192 / 206
页数：15
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