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The geometry of arbitrage and the existence of competitive equilibrium

Allouch, Nizar; Le Van, Cuong; Page, Jr. Frank H. - Department of Economics, University of Warwick - 2001

We present the basic geometry of arbitrage and use this basic geometry to shed new light on the relationships between various noarbitrage conditions found in the literature. For example, under very mild conditions of Hart (1974) and Werner (1987) are equivalent and imply the compactness of the...

Persistent link: https://www.econbiz.de/10005178326

ARBITRAGE, EQUILIBRIUM AND NONSATIATION

Allouch, Nizar; Van, Cuong Le; Page Jr. Frank H. - Department of Economics, University of Warwick - 2002

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. We make two main … considerably weaker than local or global nonsatiation - that makes possible this transformation. Moreover, as we show via examples …

Persistent link: https://www.econbiz.de/10005748238

Arbitrage and Equilibrium in Economies with Externalities.

Le Van, C.; Page, F.H. Jr.; Wooders, M. - Department of Economics, University of Warwick - 2001

We introduce consumption externalities into a general equilibrium model with arbitrary consumption sets. To treat the problem of existence of equilibrium, a condition of no unbounded arbitrage, extending the condition of Page (1987) and Page and Wooders (1993, 1996) is defined. It is proven that...

Persistent link: https://www.econbiz.de/10005747037