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Arbitrage and global cones: Another counterexample

Author

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  • Frank H. Page Jr.

    (Department of Finance, University of Alabama, Tuscaloosa, AL 35487, USA)

  • (**), Myrna H. Wooders

    (Department of Economics, University of Toronto, 150 St. George Street, Toronto, Ontario, Canada M5S 1A1)

  • Paulo K. Monteiro

    (CORE, 34 voie du Roman Pays, B-1348 Louvain-la-Neuve, Belgium)

Abstract

Chichilnisky (1997) claims that another variant of her condition limiting arbitrage is necessary and sufficient for existence of equilibrium and nonemptiness of the core in an economy with short sales allowing half lines in indifference surfaces. Her proof, however, is based on a proposition purporting to relate her notion of "global cone" (see Chichilnisky (1997) for references) to the Page-Wooders "increasing cone." In this paper, we present a counterexample showing that parts (i) and (ii) of Chichilnisky's proposition are false. Thus, Chichilnisky's claimed result is without proof.

Suggested Citation

  • Frank H. Page Jr. & (**), Myrna H. Wooders & Paulo K. Monteiro, 1999. "Arbitrage and global cones: Another counterexample," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 16(2), pages 337-346.
    • Handle: RePEc:spr:sochwe:v:16:y:1999:i:2:p:337-346
    Note: Received: 18 August 1997/Accepted: 30 January 1998
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    Cited by:

    1. Thai Ha-Huy & Cuong Le Van & Frank Page & Myrna Wooders, 2017. "No-arbitrage and Equilibrium in Finite Dimension: A General Result," Documents de travail du Centre d'Economie de la Sorbonne 17023, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    2. PageJr., Frank H. & Wooders, Myrna H. & Monteiro, Paulo K., 2000. "Inconsequential arbitrage," Journal of Mathematical Economics, Elsevier, vol. 34(4), pages 439-469, December.

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