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Equilibria for Pure Exchange Infinite Economies in the Sense of Incomplete Preference

  • Jinqing Zhang

    (Institute for Financial Studies, Fudan University
    Department of Applied Mathematics, Shandong Finance Institute)

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    In this paper, we introduce a new concept of incomplete preference and cover the known ordering relations such preferences as in economics and semiorder in mathematics. In the sense of the incomplete preference, we obtain a principle of maximal consumption allocations, by which, for a pure exchange economy with infinitely many commodities and infinitely countable agents, we first prove the existence of a quasi-equilibrium, and then conclude that such a quasi-equilibrium can be extended to a general equilibrium of this economy if incomplete preferences are proper in a suitable way.

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    Article provided by Society for AEF in its journal Annals of Economics and Finance.

    Volume (Year): 4 (2003)
    Issue (Month): 2 (November)
    Pages: 359-373

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    Handle: RePEc:cuf:journl:y:2003:v:4:i:2:p:359-373
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    1. Fishburn, Peter C, 1991. "Decision Theory: The Next 100 Years?," Economic Journal, Royal Economic Society, vol. 101(404), pages 27-32, January.
    2. Richard, Scott F. & Srivastava, Sanjay, 1988. "Equilibrium in economies with infinitely many consumers and infinitely many commodities," Journal of Mathematical Economics, Elsevier, vol. 17(1), pages 9-21, February.
    3. 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.
    4. Podczeck, Konrad, 1996. "Equilibria in vector lattices without ordered preferences or uniform properness," Journal of Mathematical Economics, Elsevier, vol. 25(4), pages 465-485.
    5. Mas-Colell, Andreu & Richard, Scott F., 1991. "A new approach to the existence of equilibria in vector lattices," Journal of Economic Theory, Elsevier, vol. 53(1), pages 1-11, February.
    6. 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.
    7. Jones, Larry E., 1983. "Existence of equilibria with infinitely many consumers and infinitely many commodities : A theorem based on models of commodity differentiation," Journal of Mathematical Economics, Elsevier, vol. 12(2), pages 119-138, October.
    8. Paulo Klinger Monteiro, 1994. "A New Proof Of The Existence Of Equilibrium In Incomplete Markets Economies," GE, Growth, Math methods 9410001, EconWPA.
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