GENERIC NONEXISTENCE OF EQUILIBRIA IN FINANCE MODELS

被引：4

作者：

ARAUJO, A

MONTEIRO, PK

机构：

[1] Instituto de Matematica Pura e Aplicada, Rio de Janeiro

来源：

JOURNAL OF MATHEMATICAL ECONOMICS | 1991年 / 20卷 / 05期

关键词：

D O I：

10.1016/0304-4068(91)90005-E

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The usual financial models describe the commodities as being stochastic processes. This suggests L2 as a commodity space. Also it is common to require the derivative of the utility function to be infinite at zero to assure quasi interior solutions. This enables one to derive the usual asset pricing formulas. In this paper we show that, under those assumptions, generically on initial endowments Walrasian equilibria do not exist.

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页码：489 / 499

页数：11

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