Excess demand functions and incomplete markets.
The writers characterize excess demand functions around noncritical spot price systems in two-period exchange economies with incomplete markets and real assets. They explore whether continuous dependence on the budget set and budget feasibility are the only properties that can be expected from an e...
| Publicado en: | Journal of Economic Theory Vol. 68; pp. 49 - 64 |
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| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
Academic Press Inc.
January 1996
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| Sumario: | The writers characterize excess demand functions around noncritical spot price systems in two-period exchange economies with incomplete markets and real assets. They explore whether continuous dependence on the budget set and budget feasibility are the only properties that can be expected from an excess demand function in the framework of incomplete markets. They focus on the local behavior of excess demand in the case of stationary real assets, which, leading generically to unique equilibrium allocation, are very well-behaved assets in the incomplete market literature. |
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