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Equilibria for Pure Exchange Infinite Economies in the Sense of Incomplete Preference

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  • Jinqing Zhang

    (Institute for Financial Studies, Fudan University
    Department of Applied Mathematics, Shandong Finance Institute)

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    Abstract

    In this paper, we introduce a new concept of incomplete preference and cover the known ordering relations such preferences as in economics and semiorder in mathematics. In the sense of the incomplete preference, we obtain a principle of maximal consumption allocations, by which, for a pure exchange economy with infinitely many commodities and infinitely countable agents, we first prove the existence of a quasi-equilibrium, and then conclude that such a quasi-equilibrium can be extended to a general equilibrium of this economy if incomplete preferences are proper in a suitable way.

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    Bibliographic Info

    Article provided by Society for AEF in its journal Annals of Economics and Finance.

    Volume (Year): 4 (2003)
    Issue (Month): 2 (November)
    Pages: 359-373

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    Handle: RePEc:cuf:journl:y:2003:v:4:i:2:p:359-373

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    Related research

    Keywords: Incomplete preferences; Infinite economies; Maximal consumption allocations; Equilibria;

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    1. Paulo Klinger Monteiro, 1994. "A New Proof Of The Existence Of Equilibrium In Incomplete Markets Economies," GE, Growth, Math methods 9410001, EconWPA.
    2. Jones, Larry E., 1983. "Existence of equilibria with infinitely many consumers and infinitely many commodities : A theorem based on models of commodity differentiation," Journal of Mathematical Economics, Elsevier, vol. 12(2), pages 119-138, October.
    3. Podczeck, Konrad, 1996. "Equilibria in vector lattices without ordered preferences or uniform properness," Journal of Mathematical Economics, Elsevier, vol. 25(4), pages 465-485.
    4. Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, vol. 4(3), pages 514-540, June.
    5. Mas-Colell, Andreu & Richard, Scott F., 1991. "A new approach to the existence of equilibria in vector lattices," Journal of Economic Theory, Elsevier, vol. 53(1), pages 1-11, February.
    6. Richard, Scott F. & Srivastava, Sanjay, 1988. "Equilibrium in economies with infinitely many consumers and infinitely many commodities," Journal of Mathematical Economics, Elsevier, vol. 17(1), pages 9-21, February.
    7. Richard, Scott F. & Zame, William R., 1986. "Proper preferences and quasi-concave utility functions," Journal of Mathematical Economics, Elsevier, vol. 15(3), pages 231-247, June.
    8. Fishburn, Peter C, 1991. "Decision Theory: The Next 100 Years?," Economic Journal, Royal Economic Society, vol. 101(404), pages 27-32, January.
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