The Existence of Competitive Equilibrium over an Infinite Horizon with Production and General Consumption Sets
Although many theorems have been proved on the existence of competitive equilibrium in production economies with an infinite set of goods and a finite set of consumers, nearly all suff er from a major defect. The consumption possibility sets are required t o equal the positive orthant. This rules out trade in personal service s and it does not allow for substitutions between goods on the subsistence boundary. Using methods similar to B. Peleg and M. E. Yaari (1970), the authors show both equilibrium existence and core equivalence for economies with production and general consumption sets. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Volume (Year): 34 (1993)
Issue (Month): 1 (February)
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