Linear and non-linear price decentralization

Charalambos Aliprantis (), Monique Florenzano and Rabee Tourky ()
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Charalambos Aliprantis: Department of Economics - Purdue University [West Lafayette]
Rabee Tourky: Department of Economics - Purdue University [West Lafayette]

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Abstract: Compendious and thorough solutions to the existence of a linear price equilibrium problem, the second welfare theorem, and the limit theorem on the core are provided for exchange economies whose consomption sets are the positive cone of arbitrary ordered Fréchet-dispensing entirely with the assumption that the vector ordering of the commodity space is a lattice. The motivation comes from economic applications showing the need to bring within the scope of equilibrium theory vector orderings that are not lattices, which arise in the typical model of portfolio trading with missing options. The assumptions are on the primitives of the model. They are bounds on the marginals of non-linear prives and for omega-proper economies they are both sufficient and necessary.

Keywords: Linear and non-linear prices; equilibrium; welfare theorems (search for similar items in EconPapers)
Date: 2005-03
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00086101
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Citations: View citations in EconPapers (20)

Published in Journal of Economic Theory, 2005, 121 (1), pp.51-74. ⟨10.1016/j.jet.2004.04.007⟩

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Related works:
Journal Article: Linear and non-linear price decentralization (2005)
Working Paper: Linear and non-linear price decentralization (2005)
Working Paper: LINEAR AND NON-LINEAR PRICE DECENTRALIZATION (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00086101

DOI: 10.1016/j.jet.2004.04.007

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