On the different notions of arbitrage and existence of equilibrium
成果类型：
Article
署名作者：
Dana, RA; Le Van, C; Magnien, F
署名单位：
Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS)
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1999.2518
发表日期：
1999
页码：
169-193
关键词：
摘要：
In this paper we first prove an equilibrium existence theorem for finite dimensional economies with unbounded below consumption sets. We only assume that the individually rational utility set is compact and use the demand approach instead of the standard Negishi's approach. We next compare the different concepts of no-arbitrage that have been used in the literature and give conditions ibr equivalence between absence of arbitrage and existence of equilibrium Lastly, we introduce the concept of strong unbounded arbitrage and show that the absence of strong unbounded arbitrage implies the compactness of the individually rational utility set. Journal of Economic Literature Classification Numbers: C62, D50. (C) 1999 Academic Press.
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