Edgeworth and Walras equilibria of an arbitrage-free exchange economy

Nizar Allouch and Monique Florenzano

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

Keywords: quasiequilibria; properness of preferences; Walras equilibria; fuzzy core; fuzzy coalitions; Edgeworth equilibria; individually rational utility set; Arbitrage-free asset markets; équilibres de Walras; quasi-équilibre; propreté des préférences; coeur flou; coalitions floues; équilibres d'Edgeworth; ensemble des utilités atteignables et individuellemnt rationnelles; Marchés financiers sans arbitrage (search for similar items in EconPapers)
Date: 2004-01
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00086096v1
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Citations: View citations in EconPapers (27)

Published in Economic Theory, 2004, 23 (2), pp.353-370. ⟨10.1007/s00199-003-0371-6⟩

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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 (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00086096

DOI: 10.1007/s00199-003-0371-6

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