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dc.contributor.author원동철-
dc.contributor.author한광석-
dc.date.accessioned2021-06-01T04:02:08Z-
dc.date.available2021-06-01T04:02:08Z-
dc.date.created2021-01-17-
dc.date.issued2020-12-
dc.identifier.issn1229-2893-
dc.identifier.urihttps://oasis.postech.ac.kr/handle/2014.oak/105392-
dc.description.abstractRedundant assets give rise to peculiar portfolios, called `link portfolios,' under portfolio constraints. Link portfolios are jointly spanned by constrained null-income portfolios and form a linear subspace. The paper provides a general methodology for showing the existence of equilibrium under portfolio constraints by building two theoretical pillars to deal with link portfolios. The two pillars consist of the fundamental theorem of portfolio decomposition and the allocational equivalence between the original economy and the artificial economy built from projecting away link portfolios from the portfolio constraints. Investigating the existence of equilibrium in constrained financial markets boils down to finding a sufficient condition for the fundamental theorem of portfolio constraints to hold. The sufficient condition of the paper is general enough to encompass other sufficient conditions of the literature.-
dc.languageEnglish-
dc.publisher한국계량경제학회-
dc.relation.isPartOfJournal of Economic Theory and Econometrics-
dc.titleEquilibrium in Constrained Financial Markets-
dc.title.alternativeEquilibrium in Constrained Financial Markets-
dc.typeArticle-
dc.identifier.doi10.22812/jetem.2020.31.4.001-
dc.type.rimsART-
dc.identifier.bibliographicCitationJournal of Economic Theory and Econometrics, v.31, no.4, pp.1 - 40-
dc.identifier.kciidART002658941-
dc.citation.endPage40-
dc.citation.number4-
dc.citation.startPage1-
dc.citation.titleJournal of Economic Theory and Econometrics-
dc.citation.volume31-
dc.contributor.affiliatedAuthor한광석-
dc.identifier.scopusid2-s2.0-85098971443-
dc.description.journalClass1-
dc.description.journalClass1-
dc.description.isOpenAccessN-
dc.subject.keywordAuthorIncomplete Financial Markets-
dc.subject.keywordAuthorPortfolio Constraints-
dc.subject.keywordAuthorFinancial Derivatives-
dc.subject.keywordAuthorLink Portfolios-
dc.subject.keywordAuthorPortfolio Decomposition-
dc.subject.keywordAuthorEquilibrium-
dc.description.journalRegisteredClassscopus-
dc.description.journalRegisteredClasskci-

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한광석HAHN, GUANGSUG
Div of Humanities and Social Sciences
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