Incomplete Markets with Endogenous Portfolio Constraints and Redundant Assets

This paper shows that a competitive equilibrium exists in an exchange economy with incomplete financial markets where redundant assets are traded and the asset trading of each agent is subject to endogenous portfolio constraints. The set of budget-feasible portfolios need not be bounded in the presence of redundant assets. To address this problem, we impose the positive semi-independence condition on individual portfolio constraints

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Year of publication:	2014
Authors:	Hahn, Guangsug
Publisher:	[2014]: [S.l.] : SSRN
Subject:	Unvollkommener Markt \| Incomplete market \| Theorie \| Theory \| Portfolio-Management \| Portfolio selection \| Finanzmarkt \| Financial market

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Extent:	1 Online-Ressource (20 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: Seoul Journal of Economics 27 (No. 4 2014): 469-488 Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 30, 2014 erstellt
Classification:	C62 - Existence and Stability Conditions of Equilibrium ; D51 - Exchange and Production Economies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013043451