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Existence of an exact Walrasian equilibrium in nonconvex economies

  • D'Agata, Antonio
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    The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the nearby economyapproach introduced by Postlewaite and Schmeidler (Approximate Walrasian Equilibrium and Nearby Economies, 1981) for convex economies. More precisely, the paper shows that any equilibrium price of the convexified version of a nonconvex economy is an equilibrium price also for a set of perturbed economies with the same number of agents. It shows that in this set there are economies that differ from the original economy only as regards preferences or initial endowments.

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    File URL: http://dx.doi.org/10.5018/economics-ejournal.ja.2012-12
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    File URL: http://econstor.eu/bitstream/10419/57824/1/690227965.pdf
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    Article provided by Kiel Institute for the World Economy in its journal Economics: The Open-Access, Open-Assessment E-Journal.

    Volume (Year): 6 (2012)
    Issue (Month): ()
    Pages: 1-16

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    Handle: RePEc:zbw:ifweej:201212
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    1. Felix Kubler & Karl Schmedders, 2003. "Approximate Versus Exact Equilibria," Discussion Papers 1382, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. Smale, S., 1974. "Global analysis and economics IIA : Extension of a theorem of Debreu," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 1-14, March.
    3. Felix Kubler, 2007. "Approximate Generalizations and Computational Experiments," Econometrica, Econometric Society, vol. 75(4), pages 967-992, 07.
    4. Anderson, Robert M & Khan, M Ali & Rashid, Salim, 1982. "Approximate Equilibria with Bounds Independent of Preferences," Review of Economic Studies, Wiley Blackwell, vol. 49(3), pages 473-75, July.
    5. Hildenbrand, Werner & Schmeidler, David & Zamir, Shmuel, 1973. "Existence of Approximate Equilibria and Cores," Econometrica, Econometric Society, vol. 41(6), pages 1159-66, November.
    6. Felix Kubler & Karl Schmedders, 2005. "Approximate versus Exact Equilibria in Dynamic Economies," Econometrica, Econometric Society, vol. 73(4), pages 1205-1235, 07.
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