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Production Equilibria in Locally proper Economies with Unbounded and Unordered Consumers

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  • Rabee Tourky

    (Department of Economics and Finance, La Trobe University)

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    Abstract

    We prove a theorem on the existence of general equilibrium for a production economy with unordered preferences in a topological vector lattice commodity space. Our consumption sets need not have a lower bound and the set of feasible allocations need not be topologically bounded. Furthermore, we assume that the economy is locally proper as opposed to uniformly proper. In particular, preferences satisfy a locally uniform version of Yannelis and Zame's (1986) extreme desirability condition.

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    Bibliographic Info

    Paper provided by School of Economics, La Trobe University in its series Working Papers with number 1997.01.

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    Length: 16 pages
    Date of creation: 1997
    Date of revision:
    Handle: RePEc:ltr:wpaper:1997.01

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    Keywords: Econometrics EDIRC Provider-Institution: RePEc:edi:smlatau;

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    References

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    1. Aliprantis, Charalambos D. & Brown, D. J., 1982. "Equilibrium in Markets with a Riesz Space of Commodities," Working Papers 427, California Institute of Technology, Division of the Humanities and Social Sciences.
    2. Aliprantis, Charalambos D & Brown, Donald J & Burkinshaw, Owen, 1987. "Edgeworth Equilibria," Econometrica, Econometric Society, vol. 55(5), pages 1109-37, September.
    3. Kreps, David M., 1981. "Arbitrage and equilibrium in economies with infinitely many commodities," Journal of Mathematical Economics, Elsevier, vol. 8(1), pages 15-35, March.
    4. Chichilnisky, G., 1992. "The Cone Condition Properness, and Extremely Desirable Commodities," Discussion Papers 1992_09, Columbia University, Department of Economics.
    5. Harrison, J. Michael & Kreps, David M., 1979. "Martingales and arbitrage in multiperiod securities markets," Journal of Economic Theory, Elsevier, vol. 20(3), pages 381-408, June.
    6. Mas-Colell, Andreu, 1975. "A model of equilibrium with differentiated commodities," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 263-295.
    7. Boyd, John H, III & McKenzie, Lionel W, 1993. "The Existence of Competitive Equilibrium over an Infinite Horizon with Production and General Consumption Sets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(1), pages 1-20, February.
    8. Zame, William R, 1987. "Competitive Equilibria in Production Economies with an Infinite-Dimensional Commodity Space," Econometrica, Econometric Society, vol. 55(5), pages 1075-1108, September.
    9. Aliprantis, Charalambos D. & Brown, Donald J. & Burkinshaw, Owen, 1987. "Edgeworth equilibria in production economies," Journal of Economic Theory, Elsevier, vol. 43(2), pages 252-291, December.
    10. Yannelis, Nicholas C. & Zame, William R., 1986. "Equilibria in Banach lattices without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 15(2), pages 85-110, April.
    11. Richard, Scott F., 1989. "A new approach to production equilibria in vector lattices," Journal of Mathematical Economics, Elsevier, vol. 18(1), pages 41-56, February.
    12. Richard, Scott F. & Zame, William R., 1986. "Proper preferences and quasi-concave utility functions," Journal of Mathematical Economics, Elsevier, vol. 15(3), pages 231-247, June.
    13. Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, vol. 4(3), pages 514-540, June.
    14. Araujo, A. & Monteiro, P. K., 1989. "Equilibrium without uniform conditions," Journal of Economic Theory, Elsevier, vol. 48(2), pages 416-427, August.
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    Cited by:
    1. Monique Florenzano & Valeri Marakulin, 2000. "Production Equilibria in Vector Lattices," Econometric Society World Congress 2000 Contributed Papers 1396, Econometric Society.

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