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Autoren: 
Xing Jin
Milne, Frank
Datum: 
1999
Schriftenreihe/Nr.: 
Queen's Economics Department Working Paper No. 1084
Zusammenfassung: 
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.
Schlagwörter: 
arbitrage
general equilibrium
transaction cost
individual approximate equilibrium
finite p-convexity
Dokumentart: 
Working Paper

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