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Equilibrium of a production economy with non-compact attainable allocations set

Senda Ounaies (), Jean-Marc Bonnisseau () and Souhail Chebbi ()
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Senda Ounaies: CES - Centre d'économie de la Sorbonne - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Panthéon-Sorbonne
Souhail Chebbi: LEGI - Laboratoire d'Économie et de Gestion Industrielle [Tunis] - Ecole Polytechnique de Tunisie

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Abstract: In this paper, we consider a production economy with an unbounded attainable set where the consumers may have non-complete non-transitive preferences. To get the existence of an equilibrium, we provide an asymptotic property on preferences for the attainable consumptions and we use a combination of the nonlinear optimization and fixed point theorems on truncated economies together with an asymptotic argument. We show that this condition holds true if the set of attainable allocations is compact or, when the preferences are representable by utility functions, if the set of attainable individually rational utility levels is compact. This assumption generalizes the CPP condition of [N. Allouch, An equilibrium existence result with short selling, J. Math. Econom. 37 2002, 2, 81–94] and covers the example of [F. H. Page, Jr., M. H. Wooders and P. K. Monteiro, Inconsequential arbitrage, J. Math. Econom. 34 2000, 4, 439–469] when the attainable utility levels set is not compact. So we extend the previous existence results with non-compact attainable sets in two ways by adding a production sector and considering general preferences.

Keywords: nonlinear optimization; quasi-equilibrium; non-compact attainable allocations; Production economy (search for similar items in EconPapers)
Date: 2019-03-01
New Economics Papers: this item is included in nep-upt
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Published in Advances in Nonlinear Analysis, De Gruyter, 2019, 8 (1), pp.979-994. ⟨10.1515/anona-2017-0234⟩

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Related works:
Working Paper: Equilibrium of a production economy with non-compact attainable allocations set (2019) Downloads
Working Paper: Equilibrium of a production economy with non-compact attainable allocations set (2019) Downloads
Working Paper: Equilibrium of a production economy with noncompact attainable allocation set (2017) Downloads
Working Paper: Equilibrium of a production economy with noncompact attainable allocation set (2017) Downloads
Working Paper: Equilibrium of a production economy with noncompact attainable allocations set (2017) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:halshs-01859163

DOI: 10.1515/anona-2017-0234

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