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Disaggregation of excess demand functions in incomplete markets

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Date
1999
Dewey
Probabilités et mathématiques appliquées
Sujet
Incomplete markets; Excess demand function; Disaggregation
JEL code
D52
Journal issue
Journal of Mathematical Economics
Volume
31
Number
1
Publication date
1999
Article pages
111-129
Publisher
Elsevier
DOI
http://dx.doi.org/10.1016/S0304-4068(98)00059-7
URI
https://basepub.dauphine.fr/handle/123456789/6343
Collections
  • CEREMADE : Publications
Metadata
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Author
Chiappori, Pierre-André
Ekeland, Ivar
Type
Article accepté pour publication ou publié
Abstract (EN)
We are interested in general equilibrium incomplete markets, where the number of consumers is N, the number of goods is L, and the dimension of the space of admissible trades is K (the case of complete markets being then K=(L−1)). We prove that, if N≥K, any non-vanishing analytic function satisfying the natural extension of the Walras law is, locally at least, the excess demand function of such a market.

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