Disaggregation of excess demand functions in incomplete markets
type: Item
instance of: scholarly article
title: Disaggregation of excess demand functions in incomplete markets
zbMATH Open document ID: 0958.91016
DOI: 10.1016/S0304-4068(98)00059-7
author: Pierre-André Chiappori
author: Ivar Ekeland
published in: Journal of Mathematical Economics
publication date: 1999-11-23T00:00:00Z
review text: The paper studies general equilibrium incomplete markets, where the number of consumer is \(N\), the number of goods is \(L\), and dimension of the space of admissible trades is \(K\). If \(K=L-1\), the market is complete. The market is incomplete if certain trades are not possible. Such situations arise naturally in the framework of risk-trading. The authors prove that, if \(N\geq K\), any non-vanishing analytic function satisfying the natural extension of the Walras law is, locally at least, the excess demand function of such a market. The technique of differential geometry due to \textit{R. Bryant, S. Chern, R. Garner, H. Goldschmidt} and \textit{P. Griffiths} [Exterior Differential Systems, Publ. MSRI 18 (1991; Zbl 0726.58002)] is extensively used in the proofs.
Mathematics Subject Classification ID: 91B26
Mathematics Subject Classification ID: 91B42
Mathematics Subject Classification ID: 91B50
zbMATH DE Number: 1330473
zbMATH Keywords: incomplete market
zbMATH Keywords: demand function
zbMATH Keywords: optimization problem
zbMATH Keywords: Cartan character
zbMATH Keywords: disaggregation problem
zbMATH Keywords: pressure flow
MaRDI profile type: Publication
cites work: Q3997815
cites work: Q5842314
cites work: Aggregation and Market Demand: An Exterior Differential Calculus Viewpoint
cites work: Q4717193
cites work: On the Disaggregation of Excess Demand Functions
cites work: Q3801290
cites work: Q3673410
Wikidata QID: Q127877959
full work available at URL: s0304-4068(98)00059-7
OpenAlex ID: W2242272516
description: scientific article; zbMATH DE number 1330473