In the previous chapters we have found that it is hard to obtain somewhat general results on existence of equilibrium when we consider (refinements of) subgame perfect equilibrium. In Chapter 3 and Chapter 4 we have found that it is not possible to prove the existence of equilibrium in economies with hierarchical trees for rather well-behaved institutional characteristics. In Chapter 3, the main problem is that the top agent may be forced to trade in the case of mono pricing. In Chapter 4 the existence proof with respect to bid and ask prices breaks down for economies with more than 2 commodities. The choice correspondences of the agents may fail to satisfy the required continuity properties.
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