An Extension of Mantel (1976) to Incomplete Markets

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Abstract

In the incomplete markets model with numeraire asset and a single con- sumption good we show that, even with homothetic preferences, on compact sets of prices Continuity, Walras' identity and Homogeneity characterize the properties of market excess demand.This result is proved by an extension of Mantel (1976) to the case of incomplete markets.

Keywords

CHARACTERIZE THE PROPERTIES
EXTENSION OF MANTEL
INCOMPLETE MARKETS
MARKETS MODEL
HOMOGENEITY
COMPACT
MANTEL
MODEL

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