Efficient allocations and equilibria with short-selling and incomplete preferences
نویسندگان
چکیده
منابع مشابه
Efficient allocations and equilibria with short-selling and incomplete preferences
This article reconsiders the theory of existence of efficient allocations and equilibria when consumption sets are unbounded below under the assumption that agents have incomplete preferences. It is motivated by an example in the theory of assets with short-selling where there is risk and ambiguity. Agents have Bewley’s incomplete preferences. As an inertia principle is assumed in markets, equi...
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The overlapping expectations and the collective absence of arbitrage conditions introduced in the economic literature to insure existence of Pareto optima and equilibria with short-selling when investors have a single belief about future returns, is reconsidered. Investors use measures of risk. The overlapping sets of priors and the Pareto equilibrium conditions introduced by Heath and Ku for c...
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ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 2014
ISSN: 0304-4068
DOI: 10.1016/j.jmateco.2014.06.003