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Convergence of the equilibrium prices in a family of financial models
Jouini, Elyès - Université Paris-Dauphine (Paris IX) - 2003
In this paper, we consider a family of complete or incomplete Financial models such that the price processes of the Financial assets converge in distribution to those in a limit model. Different authors pointed out that we do not have necessarily convergence of the arbitrage pricing intervals in...
Persistent link: https://www.econbiz.de/10010861455
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Equilibrium Pricing in Incomplete Markets
Bizid, Abdelhamid; Jouini, Elyès - Université Paris-Dauphine (Paris IX) - 2005
Given exogenously the price process of some assets, we constrain the price process of other assets, which are characterised by their final pay-offs. We deal with an incomplete market framework in a discrete time model and assume the existence of the equilibrium. In this setup, we derive...
Persistent link: https://www.econbiz.de/10010905222
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Disaggregation of excess demand functions in incomplete markets
Chiappori, Pierre-André; Ekeland, Ivar - Université Paris-Dauphine (Paris IX) - 1999
We are interested in general equilibrium incomplete markets, where the number of consumers is N, the number of goods is L, and the dimension of the space of admissible trades is K (the case of complete markets being then K=(L−1)). We prove that, if N≥K, any non-vanishing analytic function...
Persistent link: https://www.econbiz.de/10011071967
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Optimal risk sharing with background risk
Scarsini, Marco; Dana, Rose-Anne - Université Paris-Dauphine (Paris IX) - 2005
This paper examines qualitative properties of efficient insurance contracts in the presence of background risk. In order to get results for all strictly risk-averse expected utility maximizers, the concept of “stochastic increasingness” is used. Different assumptions on the stochastic...
Persistent link: https://www.econbiz.de/10011071992
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On the existence of approximated equilibria in discontinuous economies
Bich, Philippe - Université Paris-Dauphine (Paris IX) - 2005
In this paper, we prove an existence theorem for approximated equilibria in a class of discontinuous economies. The existence result is a direct consequence of a discontinuous extension of Brouwer’s fixed point Theorem (1912), and is a refinement of several classical results in the standard...
Persistent link: https://www.econbiz.de/10011072233
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On the orientability of the asset equilibrium manifold
Bich, Philippe - Université Paris-Dauphine (Paris IX) - 2006
This paper addresses partly an open question raised in the Handbook of Mathematical Economics about the orientability of the pseudo-equilibrium manifold in the basic two-period General Equilibrium with Incomplete Markets (GEI) model. For a broad class of explicit asset structures, it is proved...
Persistent link: https://www.econbiz.de/10011072967
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Dual Formulation of the Utility Maximization Problem : the case of Nonsmooth Utility
Zhegal, Amina; Touzi, Nizar; Bouchard, Bruno - Université Paris-Dauphine (Paris IX) - 2004
We study the dual formulation of the utility maximization problem in incomplete markets when the utility function is finitely valued on the whole real line. We extend the existing results in this literature in two directions. First, we allow for nonsmooth utility functions, so as to include the...
Persistent link: https://www.econbiz.de/10011166556
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Programme de lutte contre la pauvreté et stratégie de croissance au Sénégal. Les deux politiques se complètent-elles ?
Mesplé-Somps, Sandrine - Université Paris-Dauphine (Paris IX) - 2007
Since 2004, the Government of Senegal has adopted an accelerated growth program in the aim o reducing poverty by half … that policies are too much oriented toward sectors that generate few jobs and revenues to poor people. Then, this growth …
Persistent link: https://www.econbiz.de/10010707598
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Etude sur la croissance partagée au Sénégal, 2001-2005
Mesplé-Somps, Sandrine; Robilliard, Anne-Sophie - Université Paris-Dauphine (Paris IX) - 2010
Persistent link: https://www.econbiz.de/10010708242
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Liquidity, Innovation and Growth
Shouyong, Shi; Berentsen, Aleksander; Rojas Breu, Mariana - Université Paris-Dauphine (Paris IX) - 2012
Many countries simultaneously suffer from high rates of inflation, low growth rates of per capita income and poorly … growth to examine the effects of inflation and financial development. A novel feature of the model is that the market for … productivity of the financial sector on welfare and per capita growth. The other is the effects of inflationonwelfareandgrowth …
Persistent link: https://www.econbiz.de/10011072562