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Excess demand function around critical prices in incomplete markets |
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| Authors: | Takeshi Momi |
| Institution: | Department of Economics, Doshisha University, Kamigyo-ku, Kyoto 602-8580, Japan |
| Abstract: | We show that the aggregate excess demand function in an economy with incomplete real asset markets can be characterized by Walras’ law, homogeneity, and continuity around critical prices that cause one-dimensional drop of the dimension of the budget set. |
| Keywords: | D52 C62 |
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