논문KCI 등재
COMPETITIVE EQUILIBRIUM WITH SHORT-SELLING AND NONTRANSITIVE PREFERENCES
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참고문헌
주제분류경제학
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Abstract
The notion of arbitrage is predominantly used as a conceptual framework in finance and economics for studying equilibrium as well as pricing relations of asset markets. The consequences of equilibrium analysis based upon arbitrage, however, do not apply to the case with nontransitive preferences simply because the literature assumes the transitivity of preferences. We propose a weak notion of arbitrage which provides a sufficient condition for the existence of equilibrium of the economy where preferences need be neither transitive nor complete and the consumption sets need not be bounded from below.
참고문헌 (17)
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- Markowitz, "Journal of Finance", pp.77~91 (1952)
- Page, "On Equilibrium in Hart's Securities Exchange Model Journal of Economic Theory", pp.392~404 (1987)
- Page, "Inconsequential Arbitrage", (34), pp.439~469 (2000)
- Shafer, "Equilibrium in Abstract Economies without Ordered Preferences Journal of Mathematical Economics", pp.345~348 (1975)
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관련 논문AI추천
EQUILIBRIUM IN PRODUCTION ECONOMIES WITH NONTRANSITIVE AND SATIABLE PREFERENCES한광석한국경제학회 · The Korean Economic Review2007 · 제23권 제2호SATIATION AND EQUILIBRIUM IN UNBOUNDED EXCHANGE ECONOMIES원동철, 한광석한국경제학회 · The Korean Economic Review2009 · 제25권 제2호Incomplete Markets with Endogenous Portfolio Constraints and Redundant Assets한광석경제연구소 · Seoul Journal of Economics2014 · 제27권 제4호A Note on Equilibrium in Constrained Incomplete Markets with Non-Ordered Preferences원동철, 한광석한국계량경제학회 · 계량경제학보2011 · 제22권 제1호A Simple Model of Incomplete Markets with Endogenous Portfolio Constraints한광석한국경제통상학회 · 경제연구2014 · 제32권 제3호Markets with countably many periods and a countable number of agents without ordered preferences이상직, 이원복한국계량경제학회 · 계량경제학보2010 · 제21권 제1호
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