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On the Different Notions of Arbitrage and Existence of Equilibrium

Dana, Rose-Anne; Le Van, Cuong; Magnien, François (1999), On the Different Notions of Arbitrage and Existence of Equilibrium, Journal of Economic Theory, 87, 1, p. 169-193. http://dx.doi.org/10.1006/jeth.1999.2518

Type
Article accepté pour publication ou publié
Date
1999
Journal name
Journal of Economic Theory
Volume
87
Number
1
Publisher
Elsevier
Pages
169-193
Publication identifier
http://dx.doi.org/10.1006/jeth.1999.2518
Metadata
Show full item record
Author(s)
Dana, Rose-Anne
Le Van, Cuong
Magnien, François
Abstract (EN)
In this paper we first prove an equilibrium existence theorem for finite dimensional economies with unbounded below consumption sets. We only assume that the individually rational utility set is compact and use the demand approach instead of the standard Negishi's approach. We next compare the different concepts of no-arbitrage that have been used in the literature and give conditions for equivalence between absence of arbitrage and existence of equilibrium. Lastly, we introduce the concept of strong unbounded arbitrage and show that the absence of strong unbounded arbitrage implies the compactness of the individually rational utility set.
Subjects / Keywords
Equilibrium; Arbitrage
JEL
C62 - Existence and Stability Conditions of Equilibrium
D50 - General

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