In this paper we prove the existence of general equilibrium with transaction costs generalizing Hahn's (Review of …

class of market frictions. It is said to be viable as a model of economic equilibrium if there exist price-taking maximizing … the original equilibrium does not collapse when a new market opens, regardless of preferences and endowments. If the …

compatible with observed price rocesses. In the more realistic context of partial information, the equilibrium analysis permits … are compatible ; In particular, we derive from the equilibrium conditions some links between the price processes …

In this paper we first prove an equilibrium existence theorem for finite dimensional economies with unbounded below … give conditions for equivalence between absence of arbitrage and existence of equilibrium. Lastly, we introduce the concept … of strong unbounded arbitrage and show that the absence of strong unbounded arbitrage implies the compactness of the …

This paper explores risk-sharing and equilibrium in a general equilibrium set-up wherein agents are non … probability. Hence, optimal allocations are comonotone. This enables us to study the equilibrium set. When agents have different …

. In such a framework, we derive an equilibrium restriction on the admissible prices of derivative assets. The equilibrium …

transfer rate mappings. We also define a new equilibrium condition on transfer rates and we prove the existence of core payoff … vectors satisfying this condition. The additional requirement of transfer rate equilibrium refines the core concept and allows … new setting and its associated equilibrium–core solution extend the usual cooperative game framework and core solution to …

unbounded below under the assumption that agents have incomplete preferences. Our model is motivated by an example in the theory … condition for the existence of an individually rational efficient allocation or of an equilibrium is that the relative interiors … more likely is an equilibrium to exist. The paper then turns to incomplete preferences represented by a family of concave …