Excess demand functions with incomplete markets—a global result.
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 mainta...
| Publicado en: | Journal of Economic Theory Vol. 111; no. 2; pp. 240 - 251 |
|---|---|
| Autor principal: | |
| Formato: | Artículo |
| Publicado: |
Academic Press Inc.
August 2003
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| Sumario: | 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. Copyright (c) 2003 Elsevier (USA) |
|---|