This paper deals with the existence of marginal pricing equilibria when it is defined by using a new and tighter normal cone introducedby B. Cornet and M.O. Czarnecki. The main interest of this new definition of the marginal pricing rule comes from the fact that it is more precise in the sense...

We consider a multiperiod financial exchange economy with nominal assets and restricted participation, where each agent’s portfolio choice is restricted to a closed, convex set containing zero, as in Siconolfi (1989). Using an approach that dates back to Cass (1984, 2006) in the unconstrained...

The Marshallian Macroeconomic Model in Zellner and Israilevich (2005) provides a novel way to examine sectoral dynamics through the introduction of a dynamic entry/exit equation in addition to the usual demand and supply functions found in models of this class. In this paper we examine the...

This paper proves the existence of a pseudo-equilibrium in a financial economy with incomplete markets in which the agents may have nonordered preferences. We will use a fixed-point-like theorem of [4] that generalizes the results by Hirsch, Magill, Mas-Colell [18] and Husseini, Lasry, Magill...

In a financial economy with asymmetric information and incomplete markets, we study how agents, having no model of how equilibrium prices are determined, may still refine their information by eliminating sequentially "arbitrage state(s)", namely, the state(s) which would grant the agent an...

We consider a two-date model of a financial exchange economy with finitely many agents having nonordered preferences and portfolio constraints. There is a market for physical commodities at any state today or tomorrow and financial transfers across time and across states are allowed by means of...

This paper considers an exchange economy with a measure space of agents and consumption externalities, which take into account two possible external eects in consumers¡¯ preferences: the dependence upon prices and other agents¡¯ consumptions, respectively, as in Greenberg et al. [12] and...

We consider the model of a stochastic financial exchange economy where time and uncertainty are represented by a finite event-tree of length T. We provide a general existence result of financial equilibria, which allows to cover several important cases of financial structures considered in the...

It is shown that, in the framework of Gelfand integrable mappings, the Fatou-type lemma for integrably bounded mappings, due to Cornet?Medecin [14] and the Fatou-type lemma for uniformly integrable mappings due to Balder [9], can be generalized to mean norm bounded integrable mappings

In a financial economy with asymmetric information and incomplete markets, we study how agents, having no model of how equilibrium prices are determined, may still refine their information by eliminating sequentially ¡°arbitrage state(s)¡±, namely, the state(s) which would grant the agent an...