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dc.contributor.authorSchwarz, Christianen
dc.contributor.authorStroinski, Uween
dc.date.accessioned2009-03-11-
dc.date.accessioned2009-08-06T09:02:36Z-
dc.date.available2009-08-06T09:02:36Z-
dc.date.issued2009-
dc.identifier.isbn978-3-86788-091-6en
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
dc.language.isoengen
dc.publisher|aRheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI) |cEssenen
dc.relation.ispartofseries|aRuhr Economic Papers |x82en
dc.subject.jelD50en
dc.subject.jelD51en
dc.subject.jelD01en
dc.subject.jelD03en
dc.subject.ddc330en
dc.subject.keywordGeneral equilibrium theoryen
dc.subject.keywordendowment effect : non-existence of equilibriumen
dc.subject.stwAllgemeines Gleichgewichten
dc.subject.stwWillingness to payen
dc.subject.stwGleichgewichten
dc.subject.stwTheorieen
dc.titleIs there a Walrasian Equilibrium in Exchange Markets with Endowment Effect?-
dc.typeWorking Paperen
dc.identifier.ppn593489152en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:rwirep:82en

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