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Market Demand Functions in the CAPM


Jean-Marc Bottazzi


Paris School of Economics (PSE)

Thorsten Hens


Department of Banking and Finance; Norwegian School of Economics and Business Administration (NHH); Swiss Finance Institute (Zurich Center)

Andreas Loeffler


Freie Universität Berlin
October 1996


Abstract:     
We demonstrate that in a CAPM economy Homogeneity,Walras' Law, and the Tobin Separation Property characterize market demand on 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 formulas. Endowment pertubations in these economies cannot decrease the number of equilibria below n.

Number of Pages in PDF File: 15

JEL Classification: C62, D51, G12

working papers series


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Date posted: February 1, 1997  

Suggested Citation

Bottazzi, Jean-Marc , Hens, Thorsten and Loeffler, Andreas, Market Demand Functions in the CAPM (October 1996). Available at SSRN: http://ssrn.com/abstract=2056 or http://dx.doi.org/10.2139/ssrn.2056

Contact Information

Jean-Marc Bottazzi
Paris School of Economics (PSE) ( email )
48 Boulevard Jourdan
Paris, 75014 75014
France
Thorsten Hens
Department of Banking and Finance ( email )
Plattenstrasse 32
Zurich, 8032
Switzerland
+41-44 634 37 06 (Phone)
Norwegian School of Economics and Business Administration (NHH)
Helleveien 30
Bergen, 5045
Norway
Swiss Finance Institute (Zurich Center)
c/o University of Geneve
40, Bd du Pont-d'Arve
1211 Geneva, CH-6900
Switzerland
Andreas Loeffler (Contact Author)
Freie Universität Berlin ( email )
Boltzmannstr. 20
Berlin, 14195
Germany
HOME PAGE: http://www.andreasloeffler.de
Feedback to SSRN (Beta)


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