Riedel, Frank; Bank, Peter - In: Finance and Stochastics 5 (2001) 4, pp. 487-509
We prove existence of an Arrow-Debreu equilibrium when agents' preferences exhibit local substitution in the sense of Hindy, Huang, and Kreps (1992). Efficient allocations and supporting price functionals are identified and characterized. Under Hindy-Huang-Kreps preferences, equilibrium price...