On Irreducible Economies

M. Florig

Papiers d'Economie Mathématique et Applications from Université Panthéon-Sorbonne (Paris 1)

Abstract: Without a survival assumption, a Walras equilibrium may not exist in the Arrow-Debreu model. The quasi equilibrium is an auxiliary equilibrium concept which exists without the survival assumption. Several notions of irreducibility were introduced in the literature in order to allow for weakening the survival assumption. These conditions imply that every quasi equilibrium is a Walras equilibrium. We introduce an irreducibility condition which generalizes previous contributions.

Keywords: ECONOMIC MODELS; DIVIDENDS; IRREDUCIBILITY (search for similar items in EconPapers)
JEL-codes: D50 (search for similar items in EconPapers)
Pages: 15 pages
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:fth:pariem:1999.63

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