Equilibrium in Production Economies with Nontransitive and Satiable Preferences

Guangsug Hahn
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Guangsug Hahn: Postech

Korean Economic Review, 2007, vol. 23, 415-431

Abstract: It is shown that an equilibrium exists in a production economy when preferences are allowed to be nontransitive and satiated. In addition to the standard assumptions, a new condition is introduced to handle satiation. The conventional excess demand approach is modified to take into account the effect of satiation on equilibrium.

Keywords: Nontransitive Preferences; Satiation; Production Economies; Competitive Equilibrium (search for similar items in EconPapers)
JEL-codes: C62 D51 (search for similar items in EconPapers)
Date: 2007
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