In the present paper, the existence of maximal elements for binary relations are studied. Generalized lexicographic relations are introduced, and some results on existence of maximal elements are provided. A simple example shows that economies with "lexicographic consumers" need not have equilibria even though demand functions associated with generalized lexicographic relations may be continuous for positive prices.
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Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number
01-05.
Length: 9 pages Date of creation: May 2001 Date of revision: Handle: RePEc:kud:kuiedp:0105
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