Arbitrage and the Existence of Competitive Equilibrium
在商品和资产市场的一般均衡模型中，提出无套利价格系统的概念，并证明该概念对竞争均衡存在性的关键作用：存在对所有消费者无套利的价格系统足以保证均衡存在。
A general equilibrium model of markets for commodities and assets is considered. The author develops the notion of a price system that admits no arbitrage opportunity and demonstrates the fundamenta l role of this concept for the theory of the existence of a competiti ve equilibrium. A price system admits no arbitrage opportunity for a consumer if every bundle of desired commodities has a positive market value. The author proves that the existence of a price system that a dmits no arbitrage opportunity for all consumers is sufficient for th e existence of an equilibrium. Copyright 1987 by The Econometric Society.