Edgeworth and Walras Equilibria of an Arbitrage-Free Exchange Economy

N. Allouch and Monique Florenzano

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

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 paper, we give conditions under which Edgeworth allocations can be decentralized by continuous prices in a finite dimensional and in a infinite dimensional setting. We then show how these results apply to some finance models.

Keywords: ARBITRAGE; MARKET; CONSUMPTION (search for similar items in EconPapers)
JEL-codes: C62 C71 D51 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2000
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Related works:
Journal Article: 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 (2004)
Working Paper: Edgeworth and Walras Equilibria of an Arbitrage-Free Exchange Economy (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:pariem:2000.119

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