  In an incomplete semimartingale model of a financial market, we consider
several risk-averse financial agents who negotiate the price of a bundle of
contingent claims. Assuming that the agents' risk preferences are modelled by
convex capital requirements, we define and analyze their demand functions and
propose a notion of a partial equilibrium price. In addition to sufficient
conditions for the existence and uniqueness, we also show that the equilibrium
prices are stable with respect to misspecifications of agents' risk
preferences.
