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Equilibria in incomplete assets economies with infinite dimensional spot markets

机译：具有无限维现货市场的不完全资产经济中的均衡

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The paper studies the two period incomplete markets model where assets are claims on state contingent commodity bundles and there are no bounds on portfolio trading. The important results on the existence of equilibrium in this model assume that there is a finite number of commodities traded in each spot market and that preferences are given by smooth utility functions. With these assumptions an equilibrium exists outside an “exceptional” set of assets structures and initial endowments. The present paper extends these results by allowing for general infinite dimensional commodity spaces in each spot market. These include all the important commodity spaces studied in the literature on the existence of Walrasian equilibrium—in each spot market the consumption sets are the positive cone of an arbitrary locally solid Riesz space or of an ordered topological vector space with order unit or of a locally solid Riesz space with quasi-interior point. The paper establishes that even with our very general commodity spaces there exists an equilibrium for a “very” dense set of assets structures. Our approach is in the main convex analytic and the results do not require that preferences be smooth or complete or transitive. The concepts and techniques studied in this paper have important finite as well as infinite dimensional applications.
机译：本文研究了两个时期的不完全市场模型，其中资产是对国家或有商品捆绑的债权，对证券交易没有限制。在此模型中，关于均衡存在的重要结果假设每个现货市场上交易的商品数量有限，并且偏好由平滑的效用函数给出。根据这些假设，在“异常”资产结构和初始end赋之外存在均衡。本文通过允许在每个现货市场中使用通用的无限维商品空间来扩展这些结果。这些包括关于Walrasian平衡存在的文献中研究的所有重要商品空间-在每个现货市场中，消费集是任意局部实心Riesz空间或具有阶数单位的有序拓扑矢量空间或局部的正圆锥具有拟内点的实Riesz空间。该论文证明，即使在我们非常普通的商品空间中，也存在着“非常”密集的资产结构集的均衡。我们的方法是在主要凸分析中进行，其结果不需要偏好是平稳的，完整的或可传递的。本文研究的概念和技术具有重要的有限和无限维应用。

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