EconStor >
Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI), Essen >
Ruhr Economic Papers, RWI >

Please use this identifier to cite or link to this item:

Full metadata record

DC FieldValueLanguage
dc.contributor.authorSchwarz, Christianen_US
dc.contributor.authorStroinski, Uween_US
dc.description.abstractWe provide an axiomatic framework for exchange markets with a willingness- to-pay/willingness-to-accept discrepancy. First, we obtain a two parameter family of market invariants under price-scaling representing the excess demand. One of the parameters can be identified as endowment. The other is a new feature, called demand-supply gap, that leads to classical general equilibrium if zero. Second, we provide representations of price and demand as unbounded operators on an infinite dimensional Hilbert space. We prove that neither can this space be finite dimensional nor can these operators be bounded. Third, if the demand-supply gap is not zero we obtain that price and demand are not simultaneously sharply measurable and consequently a Walrasian equilibrium does not exist.en_US
dc.publisherRWI Essenen_US
dc.relation.ispartofseriesRuhr economic papers 82en_US
dc.subject.keywordGeneral equilibrium theoryen_US
dc.subject.keywordendowment effect : non-existence of equilibriumen_US
dc.subject.stwAllgemeines Gleichgewichten_US
dc.subject.stwWillingness to payen_US
dc.titleIs there a Walrasian equilibrium in exchange markets with endowment effecten_US
dc.typeWorking Paperen_US
Appears in Collections:Ruhr Economic Papers, RWI
Publikationen von Forscherinnen und Forschern des RWI

Files in This Item:
File Description SizeFormat
593489152.PDF499.83 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.