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Production equilibria in locally proper economies with unbounded and unordered consumers

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  • Tourky, Rabee
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    Abstract

    We prove a theorem on the existence of general equilibrium for a production economy with unordered preferences in a topological vector lattice commodity space. Our consumption sets need not have a lower bound and the set of feasible allocations need not be topologically bounded. Furthermore, we assume that the economy is locally proper as opposed to uniformly proper. In particular, preferences satisfy a locally uniform version of Yannelis and Zame's (1986) extreme desirability condition.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Mathematical Economics.

    Volume (Year): 32 (1999)
    Issue (Month): 3 (November)
    Pages: 303-315

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    Handle: RePEc:eee:mateco:v:32:y:1999:i:3:p:303-315

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    Web page: http://www.elsevier.com/locate/jmateco

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    1. Chichilnisky, G., 1992. "The Cone Condition Properness, and Extremely Desirable Commodities," Discussion Papers, Columbia University, Department of Economics 1992_09, Columbia University, Department of Economics.
    2. Richard, Scott F. & Zame, William R., 1986. "Proper preferences and quasi-concave utility functions," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 15(3), pages 231-247, June.
    3. Donald J. Brown & Charalambos Aliprantis & Owen Burkinshaw, 1985. "Edgeworth Equilibria," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 756R, Cowles Foundation for Research in Economics, Yale University.
    4. Back, Kerry, 1988. "Structure of consumption sets and existence of equilibria in infinite-dimensional spaces," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 17(1), pages 89-99, February.
    5. Kreps, David M., 1981. "Arbitrage and equilibrium in economies with infinitely many commodities," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 8(1), pages 15-35, March.
    6. 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, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(1), pages 1-20, February.
    7. Chichilnisky Graciela & Heal Geoffrey M., 1993. "Competitive Equilibrium in Sobolev Spaces without Bounds on Short Sales," Journal of Economic Theory, Elsevier, Elsevier, vol. 59(2), pages 364-384, April.
    8. Richard, Scott F., 1989. "A new approach to production equilibria in vector lattices," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 18(1), pages 41-56, February.
    9. Aliprantis, Charalambos D. & Brown, D. J., 1982. "Equilibrium in Markets with a Riesz Space of Commodities," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 427, California Institute of Technology, Division of the Humanities and Social Sciences.
    10. Mas-Colell, Andreu, 1975. "A model of equilibrium with differentiated commodities," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 2(2), pages 263-295.
    11. Araujo, A. & Monteiro, P. K., 1989. "Equilibrium without uniform conditions," Journal of Economic Theory, Elsevier, Elsevier, vol. 48(2), pages 416-427, August.
    12. Harrison, J. Michael & Kreps, David M., 1979. "Martingales and arbitrage in multiperiod securities markets," Journal of Economic Theory, Elsevier, Elsevier, vol. 20(3), pages 381-408, June.
    13. Zame, William R, 1987. "Competitive Equilibria in Production Economies with an Infinite-Dimensional Commodity Space," Econometrica, Econometric Society, Econometric Society, vol. 55(5), pages 1075-1108, September.
    14. Yannelis, Nicholas C. & Zame, William R., 1986. "Equilibria in Banach lattices without ordered preferences," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 15(2), pages 85-110, April.
    15. Aliprantis, Charalambos D. & Brown, Donald J. & Burkinshaw, Owen, 1987. "Edgeworth equilibria in production economies," Journal of Economic Theory, Elsevier, Elsevier, vol. 43(2), pages 252-291, December.
    16. Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, Elsevier, vol. 4(3), pages 514-540, June.
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    Cited by:
    1. Monique Florenzano & Valeri Marakulin, 2000. "Production Equilibria in Vector Lattices," Econometric Society World Congress 2000 Contributed Papers, Econometric Society 1396, Econometric Society.

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