Edgeworth Equilibria in Production Economies

Charalambos Aliprantis, Donald Brown () and Owen Burkinshaw
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Charalambos Aliprantis: Purdue University
Owen Burkinshaw: Purdue University

No 784, Cowles Foundation Discussion Papers from Cowles Foundation, Yale University

Abstract: An Edgeworth equilibrium is an allocation that belongs to the core of every n-fold replica of the economy. In [2] we studied in the setting of Riesz spaces the properties of Edgeworth equilibria for pure exchange economies with infinite dimensional commodity spaces. In this work, we study the same problem for economies with production. Under some relatively mild conditions we establish (among other things) that: 1. Edgeworth equilibria exist; 2. Every Edgeworth equilibrium is a quasiequilibrium; and 3. An allocation is an Edgeworth equilibrium if and only if it can be "decentralized" by a price system.

Keywords: Edgeworth equilibrium; Riesz spaces; production economies (search for similar items in EconPapers)
Date: 1986-03
Note: CFP 700.
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Published in Journal of Economic Theory (December 1987), 43(2): 252-291

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