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Existence of Equilibrium in Incomplete Markets with Non-Ordered Preferences
Yalcin, Erkan - EconWPA - 2002
In this paper we extend the results of recent studies on the existence of equilibrium in finite dimensional asset markets for both bounded and unbounded economies. We do not assume that the individual's preferences are complete or transitive. Our existence theorems for asset markets allow for...
Persistent link: https://www.econbiz.de/10005125612
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The Arbitrage Pricing Theorem with Incomplete Preferences
Kelsey, David; Yalcin, Erkan - EconWPA - 2004
preferences. We also prove the arbitrage pricing theorem for a theory of choice under uncertainty by Bewley [1986]. These … preferences model Knightian uncertainty by allowing for the possibility that preferences are incomplete. …
Persistent link: https://www.econbiz.de/10005062764