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Linear and non-linear price decentralization

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Author Info
Charalambos Aliprantis () (Department of Economics - Purdue University)
Monique Florenzano () (CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - CNRS : UMR8095 - Université Panthéon-Sorbonne - Paris I)
Rabee Tourky () (Department of Economics - Purdue University)

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Abstract

Compendious and thorough solutions to the existence of a linear price equilibrium problem, the second welfare theorem, and the limit theorem on the core are provided for exchange economies whose consomption sets are the positive cone of arbitrary ordered Fréchet-dispensing entirely with the assumption that the vector ordering of the commodity space is a lattice. The motivation comes from economic applications showing the need to bring within the scope of equilibrium theory vector orderings that are not lattices, which arise in the typical model of portfolio trading with missing options. The assumptions are on the primitives of the model. They are bounds on the marginals of non-linear prives and for omega-proper economies they are both sufficient and necessary.

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00086101_v1.

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Date of creation: Mar 2005
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Publication status: Published, Journal of Economic Theory, 2005, 121, 1, 51-74
Handle: RePEc:hal:cesptp:halshs-00086101_v1

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Keywords: Linear and non-linear prices; equilibrium; welfare theorems;

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References listed on IDEAS
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  1. Stephen Clark, 2004. "A tangent cone analysis of smooth preferences on a topological vector space," Economic Theory, Springer, vol. 23(2), pages 337-352, January. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. V. Martins-da-Rocha & Frank Riedel, 2006. "Stochastic equilibria for economies under uncertainty with intertemporal substitution," Annals of Finance, Springer, vol. 2(1), pages 101-122, January. [Downloadable!] (restricted)
  2. Hervés-Beloso, Carlos & Martins-da-Rocha, V. F. & Monteiro, Paulo Klinger, 2008. "Equilibrium theory with asymmetric information and infinitely many states," Economics Working Papers (Ensaios Economicos da EPGE) 673, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
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  3. V. Filipe Martins-da-Rocha & Frank Riedel, 2008. "On Equilibrium Prices in Continuous Time," Quantitative Finance Papers 0802.3585, arXiv.org. [Downloadable!]
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  4. Charalambos D. Aliprantis & Monique Florenzano & Rabee Tourky, 2004. "Equilibria in production economies," Cahiers de la Maison des Sciences Economiques b04116, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
  5. Roko Aliprantis & Monique Florenzano & Daniella Puzzello & Rabee Tourky, 2006. "The wedge of arbitrage free prices : anything goes," Cahiers de la Maison des Sciences Economiques b06070, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
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