General equilibrium analysis in ordered topological vector spaces

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: The second welfare theorem and the core-equivalence theorem have been proved to be fundamental tools for obtaining equilibrium existence theorems, especially in an infinite dimensional setting. For well-behaved exchange economies that we call proper economies, this paper gives (minimal) conditions for supporting with prices Pareto optimal allocations and decentralizing Edgeworth equilibrium allocations as non-trivial equilibria. As we assume neither transitivity nor monotonicity on the preferences of consumers, most of the existing equilibrium existence results are a consequence of our results. A natural application is in Finance, where our conditions lead to new equilibrium existence results, and also explain why some financial economies fail to have equilibrium.

Keywords: Equilibrium; Valuation equilibrium; Pareto-optimum; Edgeworth equilibrium; Properness; ordered topological vector spaces; Riesz-Kantorovich formula; sup-convolution (search for similar items in EconPapers)
Date: 2004-06
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00086791
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Published in Journal of Mathematical Economics, 2004, 40 (3-4), pp.247-269. ⟨10.1016/j.mateco.2003.11.004⟩

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Journal Article: General equilibrium analysis in ordered topological vector spaces (2004)
Working Paper: General equilibrium analysis in ordered topological vector spaces (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00086791

DOI: 10.1016/j.mateco.2003.11.004

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