학술지
무료 솔리테어 카드 게임R
Equilibrium in Financial Mar무료 솔리테어 카드 게임ts with Mar무료 솔리테어 카드 게임t Frictions
GUANGSUG HAHN⋅ DONG CHUL WON발행년도 2007Vol. 23No. 2
초록
Redundant assets have complicated implications to equilibrium, when available asset mar무료 솔리테어 카드 게임ts are subject to mar무료 솔리테어 카드 게임t frictions. We show the existence of equilibrium in two-period asset mar무료 솔리테어 카드 게임ts where portfolio choices are subject to portfolio constraints. The main consequences of the paper are differentiated from the literature in two respects. First, asset mar무료 솔리테어 카드 게임ts are allowed to have a large multiplicity of alternative portfolios in equilibrium. A portfolio decomposition technique is developed to resolve the large multiplicity problem. Second, we provide a survival condition with asset mar무료 솔리테어 카드 게임ts for the existence of equilibrium. Remarkably, this cannot be dispensed within the constrained asset mar무료 솔리테어 카드 게임ts, even when the endowment of goods is in the interior of the consumption set for each agent.