English, Article, Journal or magazine article edition: Market Demand Functions in the CAPM Thorsten Hens; Andres L=EEffler

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Bookmark: http://trove.nla.gov.au/version/52016
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Market Demand Functions in the CAPM
Author
  • Thorsten Hens
  • Andres L=​EEffler
Physical Description
  • preprint
Notes
  • We demonstrate that in a CAPM economy Walras Law and the Tobin Separation Property characterize market demand in finite sets of prices. Consequently, for any number n there exist CAPM economies which have at least n equilibria and hence have n different beta pricing fomulas. It is shown that the lower bound on the number of equilibria, n, is robust to pertubations of endowments.
  • CAPM, Market Demand, multiplicity of equilibria.
  • RePEc:bon:bonsfa:468
Language
  • English
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