Existence of financial equilibria with restricted participation
A two-date stochastic model of a financial exchange economy with finitely many agents is considered. The agents have non-ordered preferences and linear portfolio constraints. There is a market for physical commodities at any state, and financial transfers across time and across states are allowed by means of finitely many nominal assets or numéraire assets. A general existence result of equilibria is proved.
scientific article; zbMATH DE number 5655225