Vanishing Indivisibilities in Linear Exchange Economies

M. Florig

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

Abstract: A hierarchic price is a finite ordered family of price vectors {p1,...,pk}. It extends the notion of exchange values proposed by Gay (1978). These price notions were introduced in order to establish the existence of a competitive equilibrium without the strong survival assumption. It is well known that without such an assumption a standard Walras equilibrium need not exist. We prove in the framework of linear exchange economies that a hierarchic price may be seen as a standard price of an economy with small indivisibilities.

Keywords: UTILITY FUNCTIONS; PRICES; COMPETITION (search for similar items in EconPapers)
JEL-codes: D50 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:fth:pariem:2000.72

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