期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2000
卷号：2000
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：At arbitrary prices of commodities and assets, fix-price equilibria exist
under weak assumptions: endowments need not satisfy an interiority condi-
tion, utility functions need only satisfy very weak monotonicity requirement,
and the asset return matrix allows for redundant assets. Prices of assets
may permit arbitrage. At equilibrium, though restricted through endogen-
ously determined trading constraints, arbitrage possibilities may persist; in
an example, an individual holds an arbitrage portfolio.
