On the Existence of Equilibrium with Incomplete Markets and Non-Monotonic Preferences

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dc.contributor.authorAndrés Carvajal
dc.contributor.authorJohn Geanakoplos
dc.contributor.authorÁlvaro Riascos
dc.coverage.spatialBolivia
dc.date.accessioned2026-03-22T16:57:38Z
dc.date.available2026-03-22T16:57:38Z
dc.date.issued2008
dc.description.abstractWe provide a shorter proof than Geanakoplos and Polemarchakis (1986) of the existence of equilibrium in an incomplete financial market economy with numeraire assets, under the weak assumption that asset returns are non-negative. Furthermore, we relax the strict monotonicity assumption on preferences and as an application we prove the existence of equilibrium when agents may disagree on zero probability events but do not plan to go bankrupt in any state.
dc.identifier.doi10.12660/bre.v28n22008.1513
dc.identifier.urihttps://doi.org/10.12660/bre.v28n22008.1513
dc.identifier.urihttps://andeanlibrary.org/handle/123456789/61335
dc.language.isoen
dc.relation.ispartofBrazilian Review of Econometrics
dc.sourceUniversity of Warwick
dc.subjectNuméraire
dc.subjectIncomplete markets
dc.subjectMonotonic function
dc.subjectMathematical economics
dc.subjectAsset (computer security)
dc.subjectEconomics
dc.subjectComplete market
dc.subjectZero (linguistics)
dc.subjectGeneral equilibrium theory
dc.titleOn the Existence of Equilibrium with Incomplete Markets and Non-Monotonic Preferences
dc.typearticle

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