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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- Podczeck, Konrad, 1996. "Equilibria in vector lattices without ordered preferences or uniform properness," Journal of Mathematical Economics, Elsevier, vol. 25(4), pages 465-485.
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Econometric Society, vol. 55(5), pages 1109-37, September.
- Aliprantis, Charalambos D. & Brown, Donald J. & Burkinshaw, Owen, 1987. "Edgeworth equilibria in production economies," Journal of Economic Theory, Elsevier, vol. 43(2), pages 252-291, December.
- Boyd, John H, III & McKenzie, Lionel W, 1993. "The Existence of Competitive Equilibrium over an Infinite Horizon with Production and General Consumption Sets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(1), pages 1-20, February.
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