COMPETITIVE EQUILIBRIUM WITH AN ATOMLESS MEASURE SPACE OF AGENTS AND INFINITE DIMENSIONAL COMMODITY SPACES WITHOUT CONVEX AND COMPLETE PREFERENCES

Sangjik Lee

Hitotsubashi Journal of Economics, 2013, vol. 54, issue 2, 221-230

Abstract: We prove the existence of a competitive equilibrium for an economy with an atomless measure space of agents and an infinite dimensional commodity space. The commodity space is a separable Banach space with a non-empty interior in its positive cone. We dispense with convexity and completeness assumptions on preferences. We employ a saturated probability space for the space of agents which enables us to utilize the convexifying effect on aggregation. By applying the Gale-Nikaido-Debreulemma, we provide a direct proof of the existence of a competitive equilibrium.

Keywords: convexifying effect; saturated probability space; the Gale-Nikaido-Debreu lemma (search for similar items in EconPapers)
JEL-codes: C62 D51 (search for similar items in EconPapers)
Date: 2013
References: View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:hit:hitjec:v:54:y:2013:i:2:p:221-230

DOI: 10.15057/26020

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