Arbitrage and Equilibrium in Economies with Infinitely Many Securities and Commodities
- Arbitrage and Equilibrium in Economies with Infinitely Many Securities and Commodities
- Chichilnisky, Graciela
Heal, Geoffrey M.
- Working papers
International and Public Affairs
- Persistent URL:
- Department of Economics Discussion Papers
- Part Number:
- Department of Economics, Columbia University
- Publisher Location:
- New York
- 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.
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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.