Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/67743
Authors: 
Xing Jin
Milne, Frank
Year of Publication: 
1999
Series/Report no.: 
Queen's Economics Department Working Paper 1084
Abstract: 
This paper proves the existence of a general equilibrium in a financial model with transaction costs. A general equilibrium is shown to exist in a model with convex trading technology, in which the agents include consumers, production firms, brokers or 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 finite p-convexity on the commodity excess demand correspondence, a general equilibrium for a non-convex exchange economy is obtained for an economy with consumers, brokers or dealers.
Subjects: 
arbitrage
general equilibrium
transaction cost
individual approximate equilibrium
finite p-convexity
Document Type: 
Working Paper

Files in This Item:
File
Size
817.42 kB





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