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Markets And Games: A Simple Equivalence Among The Core, Equilibrium And Limited Arbitrage

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  • Graciela Chichilnisky

Abstract

This note provides simple proofs of the equivalence among the core, equilibrium and limited arbitrage in markets with short sales, and with uniform strictly convex preferences.
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Suggested Citation

  • Graciela Chichilnisky, 1996. "Markets And Games: A Simple Equivalence Among The Core, Equilibrium And Limited Arbitrage," Metroeconomica, Wiley Blackwell, vol. 47(3), pages 266-280, October.
    • Handle: RePEc:bla:metroe:v:47:y:1996:i:3:p:266-280
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    File URL: http://hdl.handle.net/10.1111/j.1467-999X.1996.tb00392.x
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    References listed on IDEAS

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    1. Chichilnisky, G., 1992. "Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium," Papers 93-14, Columbia - Graduate School of Business.
    2. Graciela Chichilnisky, 1993. "On Strategic Control," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(1), pages 285-290.
    3. Page, Frank Jr., 1987. "On equilibrium in Hart's securities exchange model," Journal of Economic Theory, Elsevier, vol. 41(2), pages 392-404, April.
    4. Chichilnisky, Graciela, 1995. "Limited Arbitrage Is Necessary and Sufficient for the Existence of a Competitive Equilibrium with or without Short Sales," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 5(1), pages 79-108, January.
    5. Chichilnisky, G., 1993. "Intersecting Families of Sets and the Topology of Cones in Economics," Papers 93-17, Columbia - Graduate School of Business.
    6. Graciela Chichilnisky, 1997. "A Unified Perspective on Resource Allocation: Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice," International Economic Association Series, in: Kenneth J. Arrow & Amartya Sen & Kotaro Suzumura (ed.), Social Choice Re-examined, chapter 6, pages 121-174, Palgrave Macmillan.
    7. Werner, Jan, 1987. "Arbitrage and the Existence of Competitive Equilibrium," Econometrica, Econometric Society, vol. 55(6), pages 1403-1418, November.
    8. Chichilnisky Graciela & Heal Geoffrey M., 1993. "Competitive Equilibrium in Sobolev Spaces without Bounds on Short Sales," Journal of Economic Theory, Elsevier, vol. 59(2), pages 364-384, April.
    9. Jones, Christopher, 1994. "The interest sensitivity of wealth in the life cycle model," Economics Letters, Elsevier, vol. 46(4), pages 321-325, December.
    10. Green, Jerry R, 1973. "Temporary General Equilibrium in a Sequential Trading Model with Spot and Futures Transactions," Econometrica, Econometric Society, vol. 41(6), pages 1103-1123, November.
    11. Chichilnisky, Graciela, 1997. "Limited arbitrage is necessary and sufficient for the existence of an equilibrium," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 470-479, November.
    12. Chichilnisky, Graciela, 1994. "Social Diversity, Arbitrage, and Gains from Trade: A Unified Perspective on Resource Allocation," American Economic Review, American Economic Association, vol. 84(2), pages 427-434, May.
    13. Lars Tyge Nielsen, 1989. "Asset Market Equilibrium with Short-Selling," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 56(3), pages 467-473.
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    Cited by:

    1. Chichilnisky, Graciela, 1997. "A topological invariant for competitive markets," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 445-469, November.
    2. Norman Schofield, 2013. "The “probability of a fit choice”," Review of Economic Design, Springer;Society for Economic Design, vol. 17(2), pages 129-150, June.
    3. Graciela Chichilnisky, 2016. "Sustainable Markets with Short Sales," Studies in Economic Theory, in: Graciela Chichilnisky & Armon Rezai (ed.), The Economics of the Global Environment, pages 147-162, Springer.
    4. Chichilnisky, Graciela, 1997. "Limited arbitrage is necessary and sufficient for the existence of an equilibrium," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 470-479, November.

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    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics

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