Disaggregation of excess demand functions in incomplete markets

General equilibrium markets, where the number of consumers is N, the number of goods is L and the dimension of the space of admissible trades is K, were investigated. K = (L -1) for the case of complete markets. It was shown that, if N > or = K, any non-vanishing analytic function satisfying the natural extension of the Walras law is, locally at least, the excess demand function of such a market.