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More on equilibria in competitive markets with externalities and a continuum of agents

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  • Balder, Erik J.

Abstract

Equilibrium existence results are presented for competitive markets with externalities in price and consumption and a measure space of agents. These unify and extend [Balder, E.J., 2003. Existence of competitive equilibria in economies with a measure space of consumers and consumption externalities. Preprint, in press, electronically available at http://www.math.uu.nl/publications/preprints/1294.ps.gz; Balder, E.J., 2005. More about equilibrium distributions for competitive markets with externalities. Working paper, Department of Economics, University of Illinois.] and generalize the main existence results by Aumann [Aumann, R.J., 1964. Markets with a continuum of traders. Econometrica 32, 39-50], Schmeidler [Schmeidler, D., 1969. Competitive equilibria in markets with a continuum of traders and incomplete preferences. Econometrica 37, 578-585; Schmeidler, D., 1973. Equilibrium points of nonatomic games. Journal of Statististical Physics 7, 295-300.], Greenberg et al. [Greenberg, J., Shitovitz, B., Wieczorek, A., 1979. Existence of equilibria in atomless production economies with price dependent preferences. Journal of Mathematical Economics 6, 31-41.], Yamazaki [Yamazaki, A., 1978. An equilibrium existence theorem without convexity assumptions. Econometrica 46, 541-555.], Noguchi [Noguchi, M., 2005. Interdependent preferences with a continuum of agents. Working paper, Meijo University, 2001. Journal of Mathematical Economics 41, 665-686.], Cornet [Cornet, B., Topuzu, M., 2005. Existence of equilibria for economies with externalities and a measure space of consumers. Economic Theory 26, 397-421.], and Noguchi and Zame [Noguchi, M. and Zame, W.R., 2004. Equilibrium distributions with externalities. Preprint.].

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Bibliographic Info

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

Volume (Year): 44 (2008)
Issue (Month): 7-8 (July)
Pages: 575-602

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Handle: RePEc:eee:mateco:v:44:y:2008:i:7-8:p:575-602

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

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References

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  1. Greenberg, Joseph & Shitovitz, Benyamin & Wieczorek, Andrzej, 1979. "Existence of equilibria in atomless production economies with price dependent preferences," Journal of Mathematical Economics, Elsevier, vol. 6(1), pages 31-41, March.
  2. Mitsunori Noguchi & William R Zame, 2004. "Equilibrium Distributions With Externalities," UCLA Economics Working Papers 837, UCLA Department of Economics.
  3. Bernard Cornet & Mihaela Topuzu, 2005. "Existence Of Equilibria For Economies With Externalities And A Measure Space Of Consumers," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200505, University of Kansas, Department of Economics, revised Feb 2005.
  4. Schmeidler, David, 1969. "Competitive Equilibria in Markets with a Continuum of Traders and Incomplete Preferences," Econometrica, Econometric Society, vol. 37(4), pages 578-85, October.
  5. Shafer, Wayne & Sonnenschein, Hugo, 1975. "Equilibrium in abstract economies without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(3), pages 345-348, December.
  6. Yamazaki, Akira, 1978. "An Equilibrium Existence Theorem without Convexity Assumptions," Econometrica, Econometric Society, vol. 46(3), pages 541-55, May.
  7. Yannelis, Nicholas C. & Prabhakar, N. D., 1983. "Existence of maximal elements and equilibria in linear topological spaces," Journal of Mathematical Economics, Elsevier, vol. 12(3), pages 233-245, December.
  8. Zame, William R. & Noguchi, Mitsunori, 2006. "Competitive markets with externalities," Theoretical Economics, Econometric Society, vol. 1(2), pages 143-166, June.
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Cited by:
  1. Noguchi, Mitsunori, 2009. "Existence of Nash equilibria in large games," Journal of Mathematical Economics, Elsevier, vol. 45(1-2), pages 168-184, January.

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