Existence of Equilibria in the Overlapping Generations Model: The Nontransitive Case
AbstractThis paper investigates the existence of competitive equilibria in dynamic exchange models with countably many periods and countably many agents. At each period the commodity space can be finite or infinite dimensional. The preferences of agents are not assumed to be transitive or complete. A first equilibrium existence theorem is established under the classical assumption that there exists a finite set of non-negligible agents. In the particular case of an overlapping generations model, a second existence theorem allows simultaneously for finite-lived assets and infinite-lived assets and limits the previous assumption to infinite-lived assets. This theorem covers obviously the standard case of an overlapping generations model where the agents have no endowment outside their lifetime.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 4 (1994)
Issue (Month): 2 (March)
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
Other versions of this item:
- Cherif, I. & Deghdak, M. & Florenzano, M., 1992. "Existence of Equilibria in the Overlapping Generations Model; the Nontransitive Case," Papiers d'Economie MathÃÂ©matique et Applications 92-19, UniversitÃ© PanthÃ©on-Sorbonne (Paris 1).
- Florenzano Monique & Cherif, Imed & Deghdak M, 1992. "Existence of equilibria in the overlapping generations model. the nontransitive case," CEPREMAP Working Papers (Couverture Orange) 9205, CEPREMAP.
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- Charalambos Aliprantis & Kim Border & Owen Burkinshaw, 1996. "Market economies with many commodities," Decisions in Economics and Finance, Springer, vol. 19(1), pages 113-185, March.
- William R. Zame & Y.A. Abramovich & C.D. Aliprantis, 1994.
"A Representation Theorem for Riesz Spaces and its Applications to Economics,"
UCLA Economics Working Papers
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- Abramovich, Y A & Aliprantis, C D & Zame, W R, 1995. "A Representation Theorem for Riesz Spaces and Its Applications to Economics," Economic Theory, Springer, vol. 5(3), pages 527-35, May.
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