توابع تقاضای بیش از حد با بازارهای ناقص : نتیجه جهانی

The purpose of this paper is to give a global characterization of excess demand functions in a two-period exchange economy with incomplete real asset markets. We show that continuity, homogeneity and Walras’ law characterize the aggregate excess demand functions on any compact price set which maintains the dimension of the budget set.