Allouch, Nizar; Van, Cuong Le; Frank H. Page, Jr. - School of Economics and Finance, Queen Mary - 2004
In his seminal paper on arbitrage and competitive equilibrium in unbounded exchange economies, Werner (Econometrica, 1987) proved the existence of a competitive equilibrium, under a price no-arbitrage condition, without assuming either local or global nonsatiation. Werner's existence result...