No-arbitrage and Equilibrium in Finite Dimension: A General Result

URL des Documents de travail : http://ces.univ-paris1.fr/cesdp/cesdp2017.htmlDocuments de travail du Centre d'Economie de la Sorbonne 2017.23 - ISSN : 1955-611XWe consider an exchange economy with a finite number of assets and a finite number of agents. The utility functions of the agents are concave, strictly increasing and their suprema equal infity. We use weak no-arbitrage prices a la Dana and Le Van [5]. Our main result is: an equilibrium exists if, and only if, their exists a weak no-arbitrage price common to all the agents