Abstract
This article surveys some recent progress
on arbitrage and equilibrium in asset exchange economies. Using
the basic geometry of arbitrage, the relationships between
various no-arbitrage conditions appeared in the literature are
presented.
The relationships between some of the basic no-arbitrage
conditions together with the existence result of an equilibrium in
Dana et al. [16] provide an overview of sufficient
conditions for equilibrium. Under certain conditions the various
no-arbitrage conditions in the literature are equivalent and
necessary and sufficient for the existence of an equilibrium.
Keywords: Arbitrage; Equilibrium; Compactness; Cones; Uniformity.
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