On the existence of price equilibrium in economies with excess demand functions

Guoqiang Tian

Economic Theory Bulletin, 2016, vol. 4, issue 1, No 2, 5-16

Abstract: Abstract This paper provides a price equilibrium existence theorem in economies where commodities may be indivisible and excess demand functions may not be continuous. We introduce a weak notion of continuity, called recursive transfer lower semi-continuity, which, together with Walras’ law, guarantees the existence of price equilibrium in economies with excess demand functions. The condition is also necessary, and thus our results generalize all the existing results on the existence of price equilibrium in economies where excess demand is a function.

Keywords: Price equilibrium; Recursive transfer lower semi-continuity; Discontinuity; Excess demand function (search for similar items in EconPapers)
JEL-codes: C62 C72 D44 D61 D82 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (4)

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Working Paper: On the Existence of Price Equilibrium in Economies with Excess Demand Functions (2014)
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DOI: 10.1007/s40505-015-0091-7

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