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Existence of Equilibrium Prices for Discontinuous Excess Demand Correspondences

Author

Listed:
  • Vincenzo Scalzo

    () (University of Naples “Federico II”, Department of Mathematics and Statistics, Napoli, Italy)

Abstract

The aim of the paper is to obtain the existence of equilibrium prices in economies where the excess demand correspondences—differently from the usual condition—are not necessarily upper semicontinuous. So, in our setting, we cannot use the Gale-Debreu-Nikaido Lemma. The existence of equilibrium prices is obtained for discontinuous excess demand correspondences which obey to a condition like of the weak axiom of reveled preferences.

Suggested Citation

  • Vincenzo Scalzo, 2011. "Existence of Equilibrium Prices for Discontinuous Excess Demand Correspondences," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 5(2), pages 203-210, August.
  • Handle: RePEc:fau:aucocz:au2011_203
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    References listed on IDEAS

    as
    1. Bich, Philippe, 2005. "On the existence of approximated equilibria in discontinuous economies," Journal of Mathematical Economics, Elsevier, vol. 41(4-5), pages 463-481, August.
    2. Philippe Bich, 2005. "On the existence of approximated equilibria in discontinuous economies," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00287685, HAL.
    3. Joseph Greenberg, 1977. "An Elementary Proof of the Existence of a Competitive Equilibrium with Weak Gross Substitutes," The Quarterly Journal of Economics, Oxford University Press, vol. 91(3), pages 513-516.
    4. Rosa Barbolla & Luis C. Corchón, 1989. "An Elementary Proof of the Existence of a Competitive Equilibrium in a Special Case," The Quarterly Journal of Economics, Oxford University Press, vol. 104(2), pages 385-389.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Discontinuous excess demand correspondences; existence of equilibrium prices; weak axiom of revealed preferences;

    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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