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Existence of Equilibria in Incomplete Markets with Non-Ordered Preferences

Author

Listed:
  • Erkan Yalcin

    (UNE Business School, University of New England, Armidale, NSW 2351, Australia)

  • Duygu Yengin

    (School of Economics, The University of Adelaide, Adelaide, SA 5005, Australia)

Abstract

We consider a two-period exchange economy with a finite set of consumers, states of nature, independent assets and a single consumption good. We prove the existence of competitive equilibrium in incomplete markets, when consumption set is not assumed to be compact, set of assets is linearly independent, and individuals' preferences are not assumed to be complete or transitive. Our study therefore generalizes various results in the existing literature.

Suggested Citation

  • Erkan Yalcin & Duygu Yengin, 2014. "Existence of Equilibria in Incomplete Markets with Non-Ordered Preferences," New Mathematics and Natural Computation (NMNC), World Scientific Publishing Co. Pte. Ltd., vol. 10(03), pages 203-210.
    • Handle: RePEc:wsi:nmncxx:v:10:y:2014:i:03:n:s1793005714500112
    DOI: 10.1142/S1793005714500112
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    References listed on IDEAS

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    1. Le Van, C. & Page, F.H.Jr. & Wooders, M., 2001. "Arbitrage and Equilibrium in Economies with Externalities," The Warwick Economics Research Paper Series (TWERPS) 588, University of Warwick, Department of Economics.
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