Yves Balasko

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We investigate the structure of competitive quilibria in an exchange economy parametrized by (i) endowments and (ii) restrictions on market participation. For arbitrary regular endowments, if few consumers are restricted, there are no sunspot equilibria. If endowments are allowed to vary, while restrictions on market participation are fixed, there is a(More)
In a two-period pure exchange economy with financial assets, a temporary financial equilibrium is an equilibrium of the current spot and security markets given forecasts of future prices and returns. The temporary equilibrium model can then be interpreted as a Walrasian model where preferences depend on prices. This idenfication implies, among other(More)
With the exception of existence, not much is known of economies where individual preferences may depend on prices. We show that the main properties of competitive equilibria that fall under the general heading of qualitative comparative statics remain true when preferences are price dependent, provided that the total resources are allowed to vary in the(More)
Existence of competitive equilibria in the overlapping-generations model has been studied in some detail; see [4-6,9]. We need to know more about the properties of these equilibria. How many are there? How do they depend on the basic parameters of the economy? We also need to compare the set of monetary competitive equilibria with the set of nonmonetary(More)
We show that the compatibility of individual preferences with equilibrium data sets consisting of finite numbers of observations of the price vector, individual incomes and aggregate demand, amounts to finding whether some set of linear inequalities has a solution. This characterization is then applied to the study of topological properties of equilibrium(More)