COMPETITIVE-EQUILIBRIUM OF INCOMPLETE MARKETS FOR SECURITIES WITH SMOOTH PAYOFFS

被引：5
|
作者：
HUANG, PH
WU, HM
机构：
[1] NATL TAIWAN UNIV,DEPT ECON,21 HSU CHOW RD,TAIPEI,TAIWAN
[2] STANFORD UNIV,STANFORD,CA 94305
[3] ACAD SINICA,TAIPEI 115,TAIWAN
来源：
JOURNAL OF MATHEMATICAL ECONOMICS | 1994年 / 23卷 / 03期
关键词：
GENERAL EQUILIBRIUM OF INCOMPLETE SECURITY MARKETS; SMOOTH PAYOFFS; GENERIC EXISTENCE OF COMPETITIVE EQUILIBRIA;
D O I：
10.1016/0304-4068(94)90007-8
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We study an economy with incomplete markets for securities, whose payoffs are smooth, possibly nonlinear, functions of spot commodity prices. We prove competitive equilibria exist for an open and dense set in the product of the Euclidean topology and the Whitney C1 topology on the space of initial endowments and security payoff functions.
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页码：219 / 234
页数：16
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