Incomplete Markets with Cone Constraints

• 영문명: Incomplete Markets with Cone Constraints
• 발행기관: 한국계량경제학회
• 저자명: Guangsug Hahn Dong Chul Won
• 간행물 정보: 『JOURNAL OF ECONOMIC THEORY AND ECONOMETRICS』Vol.19 No.2, 59~76쪽, 전체 18쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2008.06.30

영문 초록

We show the existence of equilibrium in a two-period incomplete financial market with non-ordered preferences where agents are subject to cone portfolio constraints. The main theorem of the paper is built on the consequences of portfolio decomposition provided in Hahn and Won (2007).

목차

Abstract

1. INTRODUCTION

2. MODEL

3. EXISTENCE OF EQUILIBRIUM

4. CONCLUDING REMARKS

REFERENCES

키워드

Incomplete markets cone portfolio constraints portfolio decomposition constrained arbitrage competitive equilibrium