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Abstract

This paper proves a new fixed-point theorem for establishing generic existence of equilibrium with incomplete markets. The theorem can be stated in two equivalent firms: first as a fixed-point theorem on the Grassmanian of k-dimensional subspaces of Rn: second as a generalisation of the Borsuk-Ulam theorem. The proof relies on the methods of algebraic topology: geometrically existence follows from the global twisting in the fibres of a naturally induced vector bundle.

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