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Abstract. We consider the model of a financial exchange economy with finitely many periods having financial restricted participation i.e., each agents portfolio choice is restricted to a closed convex set containing zero, as in siconolfi ([3]). Time and uncertainty are represented by a finite event-tree D. There is a market for physical commodities at any state today or in any date of future and financial transfers across time and across states are allowed by means of finitely many financial assets(including nominal assets). We prove a general existence result of equilibria for such a financial exchange economy in which agents may have non-ordered preferences.

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