Template-type: ReDif-Paper 1.0
Author-Name: Herings P. Jean-Jacques
Author-Name: Polemarchakis H. M.
Author-workplace-name: METEOR 
Title: Equilibrium and arbitrage in incomplete asset markets with fixed prices
Abstract: At arbitrary prices of commodities and assets, fix-price equilibria exist under weak assumptions: endowments need not satisfy an interiority condition, utility functions need only satisfy are very weak monotonicity requirement, and the asset return matrix allows for redundant assets. Prices of assets may permit arbitrage. At equilibrium, though restricted through endogenously determined trading constraints, arbitrage possibilities may persist; in an example, an individual holds an arbitrage portfolio.
Keywords: Economics ; 
Series: Research Memoranda
Creation-Date: 2002
Number: 007
File-URL: http://digitalarchive.maastrichtuniversity.nl/fedora/objects/guid:705b2827-2b14-4e3a-9156-4afdbb67bd28/datastreams/ASSET1/content
File-Format: application/pdf
File-Size: 356532
Handle: RePEc:unm:umamet:2002007