TY  - RPRT
CY  - Toulouse
ID  - publications15631
UR  - http://tse-fr.eu/pub/27227
A1  - Ha-Huy, Thai
A1  - Le Van, Quang
A1  - Nguyen, Manh-Hung
Y1  - 2013/04//
N2  - We consider a model with an infinite numbers of states of nature, von
Neumann - Morgenstern utilities and where agents have different prob-
ability beliefs. We show that no-arbitrage conditions, defined for finite
dimensional asset markets models, are not sufficient to ensure existence
of equilibrium in presence of an infinite number of states of nature. How-
ever, if the individually rational utility set U is compact, we obtain an
equilibrium. We give conditions which imply the compactness of U. We
give examples of non-existence of equilibrium when these conditions do
not hold.
KW  - asset market equilibrium
KW  - individually rational attainable al- locations
KW  - individually rational utility set
KW  - no-arbitrage prices
KW  - no-arbitrage condition
M1  - working_paper
TI  - Arbitrage and asset market equilibrium in infinite dimensional economies with risk-averse expected utilities
AV  - public
EP  - 25
ER  -