Template-Type: ReDIF-Paper 1.0
Title: The Existence of Competitive Equilibria when the Asset Market is Incomplete: A Short Proof and Further Results
Author-Name: H. M. Polemarchakis
Author-Name: P. Siconolfi

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Abstract: When the asset market is incomplete, and assets are traded at an initial 
 contracting period, competitive equilibria may fail to exist. This may occur 
 in a robust economy with asset payoffs denominated in a numeraire commodity. 
 Restrictions on the asset structure guarantee the existence of competitive 
 equilibria; consumption during the contracting period can be interpreted as 
 such a restriction. When asset payoffs are denominated in multiple commodities, 
 competitive equilibria exist generically.
Series: Sonderforschungsbereich 303, University of Bonn, Germany

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Creation-Date: 1989-08
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Handle: RePEc:bon:bonsfa:261