Excess demand functions with incomplete markets - a global result

• 成果类型: Article
• 署名作者: Momi, T
• 署名单位: University of Tokyo
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00061-9
• 发表日期: 2003
• 页码: 240-250
• 关键词: Incomplete market; excess demand; DECOMPOSITION

摘要

The purpose of this paper is to give a global characterization of excess demand functions in a two-period exchange economy with incomplete real asset markets. We show that continuity, homogeneity and Walras' law characterize the aggregate excess demand functions on any compact price set which maintains the dimension of the budget set. (C) 2003 Elsevier Science (USA). All rights reserved.