Existence of Equilibrium in Incomplete Markets with Non-Ordered Preferences

Abstract

In this paper we extend the results of recent studies on the existence of equilibrium in finite dimensional asset markets for both bounded and unbounded economies. We do not assume that the individual's preferences are complete or transitive. Our existence theorems for asset markets allow for short selling. We shall also show that the equilibrium achieves a constrained core within the same framework.Incomplete Preferences, Intransitive Preferences, Incomplete Markets, General Equilibrium, Constrained Core, Convex Analysis