Asset Market Equilibrium with Short-Selling
给出了允许卖空且可能达到饱和的资产市场均衡存在的简单条件和证明，适用于均值方差资本资产定价模型等场景。
This paper presents simple conditions and a simple proof of the existence of equilibrium in asset markets where short-selling is allowed and satiation is possible. Unlike standard non-satiation assumptions, the one used here is weak enough to be reasonable in the mean-variance Capital Asset Pricing Model and in asset market models where investors maximize expected utility and where total returns to individual assets may be negative.