Core Equivalences for Equilibria Supported by Non-linear Prices
AbstractThe goal of this paper is to provide some new cooperative characterizations and optimality properties of competitive equilibria supported by non-linear prices. The general framework is that of economies whose commodity space is an ordered topological vector space which need not be a vector lattice. The central notion of equilibrium is the one of personalized equilibrium introduced by Aliprantis, Tourky and Yannelis (2001). Following Herves-Beloso and Moreno-Garcia (2008), the veto power of the grand coalition is exploited in the original economy and in a suitable family of economies associated to the original one. The use of Aubin coalitions allows us to connect results with the arbitrage free condition due to non-linear supporting prices. The use of rational allocations allows us to dispense with Lyapunov convexity theorem. Applications are provided in connection with strategic market games and economies with asymmetric information.
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Bibliographic InfoPaper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 309.
Date of creation: 11 Apr 2012
Date of revision:
Publication status: published in Positivity, 2012, DOI: 10.1007/s11117-012-0195-3
Non-linear supporting prices; ordered vector spaces; personalized equilibrium; rational allocation; Edgeworth equilibrium; Aubin core; robustly efficient allocation;
Find related papers by JEL classification:
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-04-23 (All new papers)
- NEP-GTH-2012-04-23 (Game Theory)
- NEP-MIC-2012-04-23 (Microeconomics)
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