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General equilibrium with producers and brokers Existence and regularity

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  • Elyès Jouini

    (CEREMADE - CEntre de REcherches en MAthématiques de la DEcision - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

Abstract

In this paper we prove the existence of general equilibrium with transaction costs generalizing Hahn's (Review of Economic Studies, 1973, 40, 449-461) model by introducing producers and nonconvexities (in particular we allow for increasing returns in transaction sets). We also recover any exchange economy as a special case and this allows us to analyze the effects of small frictions on bid-ask prices, consumption vectors and utilities. We prove that, generically, the induced perturbations are of the same order as the frictions.

Suggested Citation

  • Elyès Jouini, 1993. "General equilibrium with producers and brokers Existence and regularity," Post-Print halshs-00167137, HAL.
    • Handle: RePEc:hal:journl:halshs-00167137
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    Cited by:

    1. Guangzhen Sun & Xiaokai Yang & Shuntian Yao, 1999. "Theoretical Foundation of Economic Development Based on Networking Decisions in the Competitive Market," CID Working Papers 16, Center for International Development at Harvard University.
    2. Mattias Jonsson & Jussi Keppo, 2002. "Option pricing for large agents," Applied Mathematical Finance, Taylor & Francis Journals, vol. 9(4), pages 261-272.
    3. Hara, Chiaki, 2000. "Transaction costs and a redundant security: divergence of individual and social relevance1," Journal of Mathematical Economics, Elsevier, vol. 33(4), pages 497-530, May.

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    Keywords

    General equilibrium;

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