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On the survival and irreductibility assumptions for incomplete financial markets with nominal assets

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  • Styliani Kanellopoulou
  • Abdelkrim Seghir
  • Leila Triki

Abstract

We are interested in proving an equilibrium existence result in a general equilibrium model with incomplete nominal asset markets. When we relax the assumption of strict positivity of initial endowments, then, as it is the case for every general equilibrium existence problem, we need to introduce survival and irreducibility assumptions, whose formulation is the object of this paper. The financial economy that we consider is a two period exchange economy where agents' preferences on their consumption sets may be non-ordered and do not satisfy monotonicity.

Suggested Citation

  • Styliani Kanellopoulou & Abdelkrim Seghir & Leila Triki, 2006. "On the survival and irreductibility assumptions for incomplete financial markets with nominal assets," Annals of Economics and Statistics, GENES, issue 82, pages 35-53.
    • Handle: RePEc:adr:anecst:y:2006:i:82:p:35-53
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