Geanakoplos, John; Polemarchakis, Heracles M. - Cowles Foundation for Research in Economics, Yale University - 1985
Let assets be denominated in an a priori specified numeraire. Whether or not the asset is complete, a competitive equilibrium exists as long as arbitrage is possible when assets are free. Generically, the set of competitive equilibria is finite, and the equilibrium prices and allocations in the...