Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/189253 
Year of Publication: 
1996
Series/Report no.: 
Queen's Economics Department Working Paper No. 934
Publisher: 
Queen's University, Department of Economics, Kingston (Ontario)
Abstract: 
This paper proves the existence of a general equilibrium in a financial model with transaction costs. The general equilibrium is shown to exist in a model with convex trading technology, in which the agents include consumers, production firms, brokers and dealers. When the trading technology is non-convex, an individual approximate equilibrium, introduced by Heller and Starr (1976), is proved in the above model. And, moreover, under a further assumption of finitep-convexity on the commodity excess demand correspondence, the general equilibium for a non-convex exchange economy is obtained for an economy with consumers, brokers and dealers.
Subjects: 
arbitrage
general equilibrium
transaction cost
individual approximate equilibrium
finite p-convexity
JEL: 
C62
D51
G10
Document Type: 
Working Paper

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