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Edgeworth and Walras Equilibria of an Arbitrage-Free Exchange Economy Author info | Abstract | Publisher info | Download info | Related research | Statistics Allouch, N.
Florenzano, M.
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In this paper, we first give a direct proof of the existence of Edgeworth equilibria for exchange economies with consumption sets which are (possibly) unbounded below. The key assumption is that the individually rational utility set is compact. It is worth noticing that the statement of this result and its proof do not depend on the dimension or the particular structure of the commodity space. In a second part of paper, we give conditions under which Edgeworth allocations can be decentralized by continuous prices in a finite dimensional and in a infinite dimensional setting. We then show how these results apply to some finance models.
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Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Papiers d'Economie Mathématique et Applications with number
2000.119.
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Length: 20 pages
Date of creation: 2000Date of revision:
Handle: RePEc:fth:pariem:2000.119Contact details of provider: Postal: France; Universite de Paris I - Pantheon- Sorbonne, 12 Place de Pantheon-75005 Paris, France Web page: http://cermsem.univ-paris1.fr/ More information through EDIRC
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Keywords: ARBITRAGE ; MARKET ; CONSUMPTION ; Other versions of this item:
Find related papers by JEL classification: C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
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Wassin Daher & V. Filipe Martins-da-Rocha & Yiannis Vailakis, 2005.
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