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dc.contributor.authorSchwarz, Christianen_US
dc.contributor.authorStroinski, Uween_US
dc.date.accessioned2009-03-11en_US
dc.date.accessioned2009-08-06T09:02:36Z-
dc.date.available2009-08-06T09:02:36Z-
dc.date.issued2009en_US
dc.identifier.isbn978-3-86788-091-6en_US
dc.identifier.urihttp://hdl.handle.net/10419/26847-
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.language.isoengen_US
dc.publisherRWI Essenen_US
dc.relation.ispartofseriesRuhr economic papers 82en_US
dc.subject.jelD50en_US
dc.subject.jelD51en_US
dc.subject.jelD01en_US
dc.subject.jelD03en_US
dc.subject.ddc330en_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.subject.stwGleichgewichten_US
dc.subject.stwTheorieen_US
dc.titleIs there a Walrasian equilibrium in exchange markets with endowment effecten_US
dc.typeWorking Paperen_US
dc.identifier.ppn593489152en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Ruhr Economic Papers, RWI
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