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SATIATION AND EQUILIBRIUM IN UNBOUNDED EXCHANGE ECONOMIES

한광석|원동철
한국경제학회 (The Korean Economic Association)|2009.12|The Korean Economic Review|제25권 제2호|pp. 349-366

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참고문헌

키워드

Short-SellingArbitrageCAPMCompetitive EquilibriumSatiationNon-Ordered Preferences
주제분류경제학

초록

We show the existence of equilibrium in an economy where preferences may be non-ordered, satiated, and consumption sets need not be bounded from below. Satiation is allowed to occur inside the set of attainable and individually rational allocations. The paper provides a unified approach to the classical general equilibrium theory with non-ordered preferences, the arbitrage-based literature with unbounded choice sets, and the asset pricing models with satiated preferences.

Abstract

We show the existence of equilibrium in an economy where preferences may be non-ordered, satiated, and consumption sets need not be bounded from below. Satiation is allowed to occur inside the set of attainable and individually rational allocations. The paper provides a unified approach to the classical general equilibrium theory with non-ordered preferences, the arbitrage-based literature with unbounded choice sets, and the asset pricing models with satiated preferences.

참고문헌 (26)

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관련 논문AI추천

EQUILIBRIUM IN PRODUCTION ECONOMIES WITH NONTRANSITIVE AND SATIABLE PREFERENCES한광석한국경제학회 · The Korean Economic Review2007 · 제23권 제2호A Note on Equilibrium in Constrained Incomplete Markets with Non-Ordered Preferences원동철, 한광석한국계량경제학회 · 계량경제학보2011 · 제22권 제1호Incomplete Markets with Endogenous Portfolio Constraints and Redundant Assets한광석경제연구소 · Seoul Journal of Economics2014 · 제27권 제4호A Simple Model of Incomplete Markets with Endogenous Portfolio Constraints한광석한국경제통상학회 · 경제연구2014 · 제32권 제3호EQUILIBRIUM IN FINANCIAL MARKETS WITH MARKET FRICTIONS원동철, 한광석한국경제학회 · The Korean Economic Review2007 · 제23권 제2호COMPETITIVE EQUILIBRIUM WITH SHORT-SELLING AND NONTRANSITIVE PREFERENCES원동철, 한광석한국경제학회 · The Korean Economic Review2006 · 제22권 제1호

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