Template-Type: ReDIF-Paper 1.0
Title: Market Demand Functions in the CAPM
Author-Name: Thorsten Hens
Author-Name: Andres L=EEffler
Abstract: We demonstrate that in a CAPM economy Walras Law and the Tobin
  	Separation Property characterize market demand in finite sets of
  	prices. Consequently, for any number n there exist CAPM economies
  	which have at least n equilibria and hence have n different beta
  	pricing fomulas. It is shown that the lower bound on the number of
  	equilibria, n, is robust to pertubations of endowments.
Keywords: CAPM, Market Demand, multiplicity of equilibria.
Classification-JEL: C62; D51; G12
Creation-Date: 1995-03
Length: 15
File-URL: http://www.wiwi.uni-bonn.de/bgsepapers/bonsfa/bonsfa468.ps
File-Format: Application/PostScript
Handle: RePEc:bon:bonsfa:468