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Existence of Equilibrium Prices for Discontinuous Excess Demand Correspondences

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  • Vincenzo Scalzo

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    (University of Naples “Federico II”, Department of Mathematics and Statistics, Napoli, Italy)

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    Abstract

    The aim of the paper is to obtain the existence of equilibrium prices in economies where the excess demand correspondences—differently from the usual condition—are not necessarily upper semicontinuous. So, in our setting, we cannot use the Gale-Debreu-Nikaido Lemma. The existence of equilibrium prices is obtained for discontinuous excess demand correspondences which obey to a condition like of the weak axiom of reveled preferences.

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    Bibliographic Info

    Article provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its journal AUCO Czech Economic Review.

    Volume (Year): 5 (2011)
    Issue (Month): 2 (August)
    Pages: 203-210

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    Handle: RePEc:fau:aucocz:au2011_203

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    Related research

    Keywords: Discontinuous excess demand correspondences; existence of equilibrium prices; weak axiom of revealed preferences;

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    1. Bich, Philippe, 2005. "On the existence of approximated equilibria in discontinuous economies," Journal of Mathematical Economics, Elsevier, vol. 41(4-5), pages 463-481, August.
    2. Greenberg, Joseph, 1977. "An Elementary Proof of the Existence of a Competitive Equilibrium with Weak Gross Substitutes," The Quarterly Journal of Economics, MIT Press, vol. 91(3), pages 513-16, August.
    3. Barbolla, Rosa & Corchon, Luis C, 1989. "An Elementary Proof of the Existence of a Competitive Equilibrium in a Special Case," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 385-89, May.
    4. Philippe Bich, 2005. "On the existence of approximated equilibria in discontinuous economies," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00287685, HAL.
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