Core Equivalences for Equilibria Supported by Non-linear Prices

Achille Basile () and Maria Graziano

CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy

Abstract: The goal of this paper is to provide some new cooperative characterizations and optimality properties of competitive equilibria supported by non-linear prices. The general framework is that of economies whose commodity space is an ordered topological vector space which need not be a vector lattice. The central notion of equilibrium is the one of personalized equilibrium introduced by Aliprantis, Tourky and Yannelis (2001). Following Herves-Beloso and Moreno-Garcia (2008), the veto power of the grand coalition is exploited in the original economy and in a suitable family of economies associated to the original one. The use of Aubin coalitions allows us to connect results with the arbitrage free condition due to non-linear supporting prices. The use of rational allocations allows us to dispense with Lyapunov convexity theorem. Applications are provided in connection with strategic market games and economies with asymmetric information.

Keywords: Non-linear supporting prices; ordered vector spaces; personalized equilibrium; rational allocation; Edgeworth equilibrium; Aubin core; robustly efficient allocation (search for similar items in EconPapers)
JEL-codes: C62 C71 D46 D51 D61 (search for similar items in EconPapers)
Date: 2012-04-11
New Economics Papers: this item is included in nep-gth and nep-mic
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Published in Positivity, 2012, DOI: 10.1007/s11117-012-0195-3

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