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A Fixed-Point Theorem and Equilibria of Abstract Economies with Weakly Upper Semicontinuous Set-Valued Maps

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Listed:
  • Carlos Hervés-Beloso

    (Universidad de Vigo)

  • Monica Patriche

    (University of Bucharest)

Abstract

The main purpose of this paper is to introduce the notion of weakly upper semicontinuous set-valued maps and to establish a new fixed-point theorem. The set-valued maps with an approximating upper semicontinuous selection property are also defined. Next, we use our fixed-point result to obtain equilibrium existence in abstract economies with two constraints, which provide a natural scenario for potential applications of our approach to general equilibrium theory. In this regard, we set models of economies with asymmetric informed agents, who are able to improve their initial information through market signals. These economies offer examples in which the informational feasibility requirement represents an additional constraint.

Suggested Citation

  • Carlos Hervés-Beloso & Monica Patriche, 2014. "A Fixed-Point Theorem and Equilibria of Abstract Economies with Weakly Upper Semicontinuous Set-Valued Maps," Journal of Optimization Theory and Applications, Springer, vol. 163(3), pages 719-736, December.
    • Handle: RePEc:spr:joptap:v:163:y:2014:i:3:d:10.1007_s10957-014-0548-0
    DOI: 10.1007/s10957-014-0548-0
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    References listed on IDEAS

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