Study On Extended Imitate Financial Equilibrium And Arbitrage Equilibria

In the latter part of the nineteenth century,the economists represented by Wal-ras and Pareto set up the mathematical economics,and proposed the general economical equilibrium theory And the mathematicians represented by Von Neumann,Arrow and Debreu laid foundations for the theory in the middle period of the twentieth cen-tury;subsequently, the mathematical economics grew into an independence subject grad-uallyIn recent decades the mathematical economics has progressed enormously Based on the traditional markets model,people have made extension to further describe the economical behaviorFounded on that,we improve traditional economical equilibrium model and get the result of existenceThis paper includes two parts and establishes two kinds of equilibrium modelIn the first part,we establish an economical model of weight incomplete real asset markets, consider the nonlinear constraints on households' portfolio holdings and a permissible utility function which is not required to have any convexity,and define the imitate financial equilibrium and the extended imitate financial equilibrium with weighted incomplete real asset markets:the case of restricted participationFinally,we prove the existence of the financial equilibrium ,and investigate the structure and generic properties of the equilibrium setIn the second part,we establish a smooth infinite incomplete markets models,define a compact manifold S of states set,so that the original model is extended to smooth infinite economics Moreover,utility functions need only satisfy a very weak monotonicity requirement,and the asset return matrix allows for redundant assetsPrices of assets may permit arbitrageFor a given rationing scheme,we give the equilibrium definiton,and prove the existence of the financial equilibrium...