A New Approach to the Limit Theorem on the Core of an Economy in Vector Lattices
AbstractWe consider economies with general consumption sets in a vector lattice commodity space. We show, by adapting the techniques of Mas-Colell and Richard (8) and Richard (10), the Edgeworth equilibria can be supported as pseudo-equilibria by continuous prices. A corollary of this result is that continuous equilibrium prices support those allocations supported by discontinuous equilibrium prices. Hence, we improve and provide an alternative proof to Mas-Colell and Richard's hypothesis on the relationship between continuous and discontinuous equilibrium prices in models with a vector lattice commodity space and a vector lattice price space.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 78 (1998)
Issue (Month): 2 (February)
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Web page: http://www.elsevier.com/locate/inca/622869
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