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Arbitrage and equilibrium in unbounded exchange economies with satiation
Allouch, Nizar; Van, Cuong Le; Page, Frank H. - HAL - 2006
local or global nonsatiation. Werner's existence result contrasts sharply with classical existence results for bounded … admit existence without local or global nonsatiation? This question is the focus of our paper. First, we show that in … clear is that it is precisely the condition of weak nonsatiation - a condition considerably weaker than local or global …
Persistent link: https://www.econbiz.de/10010750785
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Arbitrage and equilibrium in unbounded exchange economies with satiation
Allouch, Nizar; Van, Cuong Le; Page, Frank H. - HAL - 2006
local or global nonsatiation. Werner's existence result contrasts sharply with classical existence results for bounded … admit existence without local or global nonsatiation? This question is the focus of our paper. First, we show that in … clear is that it is precisely the condition of weak nonsatiation - a condition considerably weaker than local or global …
Persistent link: https://www.econbiz.de/10008795214
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Risky Arbitrage, Asset Prices, and Externalities
Van, Cuong Le; Page, Frank H.; Wooders, Myrna H. - HAL - 2007
We introduce a no-risky-arbitrage price condition (NRAP) for asset market models allowing both unbounded short sales and externalities such as trading volume. We then demonstrate that NRAP is sufficient for the existence of competitive equilibrium in the presence ofexternalities. Moreover, we...
Persistent link: https://www.econbiz.de/10010750767
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Risky Arbitrage, Asset Prices, and Externalities
Van, Cuong Le; Page, Frank H.; Wooders, Myrna H. - HAL - 2007
We introduce a no-risky-arbitrage price condition (NRAP) for asset market models allowing both unbounded short sales and externalities such as trading volume. We then demonstrate that NRAP is sufficient for the existence of competitive equilibrium in the presence ofexternalities. Moreover, we...
Persistent link: https://www.econbiz.de/10008795517
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Walras and dividends equilibrium with possibly satiated consumers
Allouch, Nizar; Van, Cuong Le - HAL - 2008
The main contribution of the paper is to provide a weaker non-satiation assumption than the one commonly used in the literature to ensure the existence of competitive equilibrium. Our assumption allows for satiation points in the set of individually feasible consumptions, provided that the...
Persistent link: https://www.econbiz.de/10010750427
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Walras and dividends equilibrium with possibly satiated consumers
Allouch, Nizar; Van, Cuong Le - HAL - 2008
The main contribution of the paper is to provide a weaker non-satiation assumption than the one commonly used in the literature to ensure the existence of competitive equilibrium. Our assumption allows for satiation points inside the set of individually feasible consumptions, provided that the...
Persistent link: https://www.econbiz.de/10010750794
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Walras and dividends equilibrium with possibly satiated consumers
Allouch, Nizar; Van, Cuong Le - HAL - 2008
The main contribution of the paper is to provide a weaker non-satiation assumption than the one commonly used in the literature to ensure the existence of competitive equilibrium. Our assumption allows for satiation points inside the set of individually feasible consumptions, provided that the...
Persistent link: https://www.econbiz.de/10008795243
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Walras and dividends equilibrium with possibly satiated consumers
Allouch, Nizar; Van, Cuong Le - HAL - 2008
, nous montrons que le concept d'équilibres avec dividendes (Aumann et Dreze, 1986 ; Mas-Collel, 1992) est pertinent si l …
Persistent link: https://www.econbiz.de/10008795932
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On the existence of a Ramsey equilibrium with endogenous labor supply and borrowing constraints
Bosi, Stefano; Van, Cuong Le - HAL - 2011
In this paper, we study the existence of an intertemporal equilibrium in a Ramsey model with heterogenous discounting, elastic labor supply and borrowing constraints. Applying a fixed-point argument by Gale and Mas-Colell (1975), we prove the existence of an equilibrium in a truncated bounded...
Persistent link: https://www.econbiz.de/10009228932
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Optimal timing of regime switching in optimal growth models: A Sobolev space approach
Van, Cuong Le; Dogan, Erol; Saglam, Cagri - HAL - 2011
This paper analyses the optimal timing of switching between alternative and consecutive regimes in optimal growth models. We derive the appropriate necessary conditions for such problems by means of the standard techniques from calculus of variations and some basic properties of Sobolev spaces.
Persistent link: https://www.econbiz.de/10009372723