Edgeworth and Walras equilibria of an arbitrage-free exchange economy

Nizar Allouch and Monique Florenzano

Economic Theory, 2004, vol. 23, issue 2, 353-370

Abstract: In this paper, we first give a direct proof of the existence of Edgeworth equilibria for exchange economies with consumption sets which are (possibly) unbounded below. The key assumption is that the individually rational utility set is compact. It is worth noticing that the statement of this result and its proof do not depend on the dimension or the particular structure of the commodity space. In a second part of the paper, we give conditions under which Edgeworth allocations can be decentralized by continuous prices in a finite dimensional and in an infinite dimensional setting. We then show how these results apply to some finance models. Copyright Springer-Verlag Berlin/Heidelberg 2004

Keywords: Arbitrage-free asset markets; Individually rational utility set; Edgeworth equilibria; Fuzzy coalitions; Fuzzy core; Walras equilibria; quasiequilibria; Properness of preferences. (search for similar items in EconPapers)
Date: 2004
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Related works:
Working Paper: Edgeworth and Walras equilibria of an arbitrage-free exchange economy (2004)
Working Paper: Edgeworth and Walras equilibria of an arbitrage-free exchange economy (2004)
Working Paper: Edgeworth and Walras Equilibria of an Arbitrage-Free Exchange Economy (2000)
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DOI: 10.1007/s00199-003-0371-6

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