No-arbitrage condition and existence of equilibrium with dividends

Cuong Le Van (1) , Nguyen Ba Minh (2)

1 CES - Centre d'économie de la Sorbonne
2 Hanoi University of Commerce

In this paper we first give an elementary proof of existence of equilibrium with dividends in an economy with possibly satiated consumers.
We then introduce a no-arbitrage condition and show that it is equivalent to the existence of equilibrium with dividends.

Mots clés: equilibrium with dividends; economy with possibly satiated consumers; no-arbitrage condition

Domaines: Economies et finances; Analyse classique [math.CA]; Optimisation et contrôle [math.OC]

Cuong Le Van, Nguyen Ba Minh. No-arbitrage condition and existence of equilibrium with dividends. Journal of Mathematical Economics, 2007, 43 (2), pp.135-152. ⟨10.1016/j.jmateco.2006.05.010⟩. ⟨halshs-00101177⟩