On Irreducible Economies

Michael Florig

Annals of Economics and Statistics, 2001, issue 61, 183-199

Abstract: Without a survival assumption, a Walras equilibrium may fail to exist. Only the existence of a quasi-equilibrium can be proven. Several notions of irreducibility were proposed in order to allow a weakening of the survival assumption. We introduce an irreducibility condition which generalizes previous contributions. The irreducibility condition is necessary and sufficient in order to apply standard arguments for the transition from a quasi-equilibrium to a Walras equilibrium. Without a non-satiation condition on the preferences, we show that our arguments remain valid in the case of dividend equilibria.

Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:2001:i:61:p:183-199

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