Existence of Competitive Equilibrium When Incomes May Be Zero

H Abraham, D R Smart and John Whittaker

Economic Theory, 1996, vol. 8, issue 1, 177-82

Abstract: In a pure exchange economy, there exists a price vector which is a quasi-equilibrium (Debreu 1962), but this may not be a competitive equilibrium if some individuals' demand functions are discontinuous because their incomes may be zero. We show nonetheless, in a pure exchange economy with free disposal, that there is a sequence of prices approaching the quasi-equilibrium along which total excess demands tend to a non-positive limit.

Date: 1996
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