Existence of an upper hemi-continuous and convex-valued demand sub-correspondence

Paolo Scapparone

Mathematical Social Sciences, 2015, vol. 75, issue C, 123-129

Abstract: In this paper we show that a strictly open, non-saturated and acyclically convex preference relation admits an extension which is ordered by inclusion (a weaker property than regularity), strictly open, locally non saturated and convex; in turn, this result permits to prove the existence of an upper hemi-continuous and convex-valued demand sub-correspondence. By directly applying standard fixed-point techniques to these sub-correspondences, it is therefore possible to demonstrate the existence of general economic equilibrium even if consumers’ preference relations are not regular.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:75:y:2015:i:c:p:123-129

DOI: 10.1016/j.mathsocsci.2015.03.004

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