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...
| Published in: | Journal of Economic Theory Vol. 111; no. 2; pp. 240 - 251 |
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| Format: | Article |
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Academic Press Inc.
August 2003
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| Online Access: | View this record in EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=513145371&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 513145371 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00220531 RTH jtl: Journal of Economic Theory issn: 00220531 maglogo: N pubinfo: dt: August 2003 vid: 111 iid: 2 pid: 735 pub: Academic Press Inc. artinfo: ui: 513145371 10.1016/S0022-0531(03)00061-9 ppf: 240 ppct: 11 formats: tig: atl: Excess demand functions with incomplete markets—a global result. aug: au: Momi, Takeshi su: Decomposition method Economic demand Mathematical models Markets sug: subj: Decomposition method Economic demand Mathematical models Markets ab: 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) pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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