Excess Demand Functions with Incomplete Markets - A Global Result

Takeshi Momi

No 96, IEW - Working Papers from Institute for Empirical Research in Economics - University of Zurich

Abstract: The purpose of this paper is to give a global characterization of excess demand functions in a two period exchange economy with incomplete real asset markets. We show that continuity, homogeneity and Walras� law characterize the aggregate excess demand functions on any compact price set which maintains the dimension of the budget set.

Keywords: Incomplete Markets; Excess Demand (search for similar items in EconPapers)
JEL-codes: C62 D52 (search for similar items in EconPapers)
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Citations: View citations in EconPapers (5)

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Journal Article: Excess demand functions with incomplete markets--a global result (2003)
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