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Arbitrage and Equilibrium in Economies with Infinitely Many Securities and Commodities

Graciela Chichilnisky; Geoffrey M. Heal

Title:
Arbitrage and Equilibrium in Economies with Infinitely Many Securities and Commodities
Author(s):
Chichilnisky, Graciela
Heal, Geoffrey M.
Date:
Type:
Working papers
Department:
Economics
Persistent URL:
Series:
Department of Economics Discussion Papers
Part Number:
618
Publisher:
Department of Economics, Columbia University
Publisher Location:
New York
Abstract:
Welfare economics and finance have each evolved their own equilibrium concepts. In welfare economics this is the concept of a competitive general equilibrium: in finance, it is the absence of arbitrage opportunities. These concepts emerged independently and were initially seen as quite distinct. Each plays an absolutely central role in its field, both in the theory and in practical applications. In the 1980s researchers in both fields began to investigate the connections between the two concepts.
Subject(s):
Economics
Item views
282
Metadata:
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Suggested Citation:
Graciela Chichilnisky, Geoffrey M. Heal, 1992, Arbitrage and Equilibrium in Economies with Infinitely Many Securities and Commodities, Columbia University Academic Commons, http://hdl.handle.net/10022/AC:P:15509.

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