Equilibrium in financial markets with endogenous portfolio constraints and non-ordered preferences

Abstract

In this paper we include the possibility of individuals preferences to be non- ordered (i.e. the axioms of completeness and transitivity are not necessarily satis- ed) on nancial models with endogenous constraints on asset trading depending on prices. We explore three di erent assumptions that will allow us to show the existence of equilibrium by inducing upper bounds on asset prices that not all agents can access.