Chichilnisky, Graciela (1996): Markets and games: a simple equivalence among the core, equilibrium and limited arbitrage. Published in: Metroeconomica , Vol. 47, No. No. 3 (October 1996): pp. 266287.

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Abstract
This note provides simple proofs of the equivalence among the core, equilibrium and limited arbitrage in markets with short sales, and with uniform strictly convex preferences.
Item Type:  MPRA Paper 

Original Title:  Markets and games: a simple equivalence among the core, equilibrium and limited arbitrage 
Language:  English 
Keywords:  mathematical proof; modeling; limited arbitrage; core; equilibrium 
Subjects:  C  Mathematical and Quantitative Methods > C0  General > C02  Mathematical Methods 
Item ID:  8492 
Depositing User:  Graciela Chichilnisky 
Date Deposited:  28. Apr 2008 02:55 
Last Modified:  19. Feb 2013 09:44 
References:  Arrow, K. and Hahn, E (1970) Competitive Equilibrium Analysis (San Francisco and New York: Holden Day). Chichilnisky, G. (1991) "Markets, Arbitrage and Social Choices", Discussion Paper No. 649, Columbia University, December 1991, presented at the conference "Columbia Celebrates Arrow's Contributions" Columbia University, October 27 1991, CORE Discussion Paper No. 9342, 1993, forthcoming also in Social Choice and Welfare. Chichilnisky, G. (1992) "Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium With or Without Short Sales", Economic Theorv 5, January 1995, pp. 79108. Chichilnisky, G. (1993a) "Limited Arbitrage is Necessary and Sufficient for the Existence of the Core", Working Paper, Departments of Economics and Operations Research, Stanford University, July 1993, presented and circulated at the Winter Meetings of the Econometric Society, Boston, January 35, 1994. Chichilnisky, G. (1993b) "Intersecting Families of Sets and the Topology of Cones in Economics", Bulletin of the American Mathematical Societv 29, pp. 189207. Chichilnisky, G. (1993c) "On Strategic Control" Quarterlv Journal of Economics, February, pp. 28590. Chichilnisky, G. (1994a) "Social Diversity, Limited Arbitrage and Gains from Trade: A Unified Perspective on Resource Allocation", American Economic Review, pp. 42734. Chichilnisky, G. (1994b) "Limited Arbitrage is Necessary and Sufficient for the Existence of an Equilibrium and the Core and it Limits Voting Cycles", Economic Letters 46, pp. 321331. Chichilnisky, G. (1995a) "A Unified Perspective on Resource Allocation: Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice", CORE Discussion Paper 9527, Universite Catolique de Louvain, May 1995, and forthcoming in Social Choice Reexamined, eds. K. Arrow, A. Sen and T. Suzumura, (London: Macmillan). Chichilnisky, G. (1995b) "Concave Utilities have Uniform Global Cones in Finite or Infinite Dimensions", Working Paper, Columbia University, August 1995. Chichilnisky, G. and Heal, G. (1984) "Existence of a Competitive Equilibrium in L P and Sobolev Spaces without Bounds in Short Sales", IMA Preprint Series No. 79, Institute for Mathematics and its Applications, University of Minnesota, 1984. Chichilnisky, G. and Heal G. (1991) "Limited Arbitrage is Necessary and Sufficient for the Existence of Competitive Equilibrium and the Core in Sobolev Spaces", Working Paper, Columbia Business School, First Boston Working Paper Series. Chichilnisky, G. and Heal, G. (1993) "Existence of a Competitive Equilibrium in Sobolev Spaces without Bounds in Short Sales", Journal of'Economic Theorv 59, pp. 36484. Green, J. (1973) "Temporary Equilibrium in a Sequential Trading Model with Spot and Future Transactions", Econometrica 41, pp. 11031123. Nielsen, L. (1989) "Asset Market Equilibrium with Short Selling" Review of Economic Studies 56, pp. 467474. Page, F (1987) "Notes and Comments to the Editor: On Equilibrium in Hart's Securities Exchange Model", Journal of'Economic Theorv 41, pp. 392404. Rockafellar, R. T. (1970) Convex Analvsis, (Princeton: Princeton University Press). Werner, J. (1987) "Arbitrage and the Existence of a Competitive Equilibrium", Econometrica 55, pp. 14031418. 
URI:  http://mpra.ub.unimuenchen.de/id/eprint/8492 