sets are the same. This formulation extends to incomplete markets. So does Walras's law if seen as budget feasibility of excess-demand function. The first incomplete markets Sonnenschein–Mantel–Debreu type of result was obtained by Jean-Marc Bottazzi and Thorsten Hens. Other works expanded the type of assets beyond the popular real assets structures like Chiappori and Ekland. All such results are local. In 2003 Takeshi Momi extended the approach by Bottazzi and Hens as a global result. Notes References Bibliography General equilibrium theory Economics theorems Macroeconomic theories