Existence of Walrasian equilibria with discontinuous, non-ordered, interdependent and price-dependent preferences, without free disposal, and without compact consumption sets

Konrad Podczeck () and Nicholas C. Yannelis
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Konrad Podczeck: Universität Wien
Nicholas C. Yannelis: The University of Iowa

Economic Theory, 2022, vol. 73, issue 2, No 3, 413-420

Abstract: Abstract We extend a result on existence of Walrasian equilibria in He and Yannelis (Econ Theory 61:497–513, 2016) by replacing the compactness assumption on consumption sets made there by the standard assumption that these sets are closed and bounded from below. This provides a positive answer to a question explicitly raised in He and Yannelis (Econ Theory 61:497–513, 2016). Our new equilibrium existence theorem generalizes many results in the literature as we do not require any transitivity or completeness or continuity assumption on preferences, initial endowments need not be in the interior of the consumption sets, preferences may be interdependent and price-dependent, and no monotonicity or local non satiation is needed for any of the agents.

Keywords: Continuous inclusion property; Exchange economy; Existence of Walrasian equilibrium (search for similar items in EconPapers)
JEL-codes: C02 C62 D51 D62 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (6)

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DOI: 10.1007/s00199-021-01400-6

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