Market demand functions in the capital asset pricing model
成果类型：
Article
署名作者：
Bottazzi, JM; Hens, T; Loffler, A
署名单位：
heSam Universite; Universite Pantheon-Sorbonne; University of Bielefeld; Free University of Berlin
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2370
发表日期：
1998
页码：
192-206
关键词：
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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