کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
966384 | 930957 | 2009 | 20 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Endogenous restricted participation in general financial equilibrium
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
ریاضیات کاربردی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
Economies are described by endowments of commodities, utility functions, asset yield matrices, and restriction functions. We study two specifications of the constraint function. The first one is homogeneous of degree zero with respect to spot prices. The second one does not exhibit that property. We then consistently distinguish between homogeneous and nonhomogeneous economies. After having established existence of equilibria for both types of economies, we study indeterminacy for each of them and show the following results. For an open and dense subset of the set of homogeneous economies, equilibria are finite and regular, up to innocuous price normalizations. There exists an open and nonempty set of nonhomogeneous economies, whose associated equilibria exhibit real indeterminacy.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Mathematical Economics - Volume 45, Issue 12, 20 December 2009, Pages 787-806
Journal: Journal of Mathematical Economics - Volume 45, Issue 12, 20 December 2009, Pages 787-806
نویسندگان
Laura Carosi, Michele Gori, Antonio Villanacci,