An extension of Mantel (1976) to incomplete markets

In the incomplete markets model with numeraire asset and a single consumption good we show that even with homothetic preferences, on compact sets of prices continuity, Walras’ identity and homogeneity characterize the properties of market excess demand. This result is proved by an extension of [J. E...

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Bibliographic Details
Published inJournal of mathematical economics Vol. 36; no. 2; pp. 141 - 149
Main Author Hens, Thorsten
Format Journal Article
LanguageEnglish
Published Amsterdam Elsevier B.V 01.11.2001
Elsevier
Elsevier Sequoia S.A
SeriesJournal of Mathematical Economics
Subjects
Demand
Economic theory
Economics
Homothetic preferences
Incomplete markets
Market
Market excess demand
Mathematical economics
Mathematical models
Prices
Studies
D52
Market excess demand
Homothetic preferences
Incomplete markets
C62
G10
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Summary:In the incomplete markets model with numeraire asset and a single consumption good we show that even with homothetic preferences, on compact sets of prices continuity, Walras’ identity and homogeneity characterize the properties of market excess demand. This result is proved by an extension of [J. Econ. Theory 12 (1976) 197] to the case of incomplete markets.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0304-4068
1873-1538
DOI:10.1016/S0304-4068(01)00071-4