Competitive equilibrium of incomplete markets for securities with smooth payoffs *
نویسندگان
چکیده
Recently, there has been renewed interest about incomplete security markets. Hart (1975) provided an example of nonexistence of competitive equilibria for incomplete real securities, which are claims to commodity bundles. Given this finding, Duffie and Shafer (1985, 1986a, b) prove generic existence of competitive equilibria of incomplete real security markets. Husseini et al. (1990) Geanakoplos and Shafer (1990), and Hirsch et al. (1990) show the classical Brouwer or Kakutani fixed point theorems do not s&ice for proving existence of competitive equilibria in the presence of incomplete real security markets. They offer new types of general fixed point
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