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Equilibria in a large economy with externalities, non-convex preferences and an infinite-dimensional commodity space via relaxation

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  • Jang, Hyo Seok
  • Lee, Sangjik

Abstract

By employing a saturated measure space for the set of agents, we take a convexification by randomization approach to prove the existence of competitive equilibria in a large economy with externalities and an infinite-dimensional commodity space without convex preferences.

Suggested Citation

  • Jang, Hyo Seok & Lee, Sangjik, 2025. "Equilibria in a large economy with externalities, non-convex preferences and an infinite-dimensional commodity space via relaxation," Economics Letters, Elsevier, vol. 246(C).
    • Handle: RePEc:eee:ecolet:v:246:y:2025:i:c:s0165176524005706
    DOI: 10.1016/j.econlet.2024.112086
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    References listed on IDEAS

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    1. Wei He & Yeneng Sun, 2018. "Conditional expectation of correspondences and economic applications," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 66(2), pages 265-299, August.
    2. Khan, M. Ali & Sagara, Nobusumi, 2016. "Relaxed large economies with infinite-dimensional commodity spaces: The existence of Walrasian equilibria," Journal of Mathematical Economics, Elsevier, vol. 67(C), pages 95-107.
    3. Bernard Cornet & Mihaela Topuzu, 2005. "Existence of equilibria for economies with externalities and a measure space of consumers," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 26(2), pages 397-421, August.
    4. He, Wei & Sun, Yeneng, 2022. "Conditional expectation of Banach valued correspondences and economic applications," Journal of Mathematical Economics, Elsevier, vol. 101(C).
    5. Noguchi, Mitsunori, 2005. "Interdependent preferences with a continuum of agents," Journal of Mathematical Economics, Elsevier, vol. 41(6), pages 665-686, September.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Separable Banach space; Saturated measure space; Externalities; Purification principle; Relaxed equilibrium;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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