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Edgeworth Equilibria

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The paper studies pure exchange economies with infinite dimensional commodity spaces in the setting of Riesz dual systems. Several new concepts of equilibrium are introduced. An allocation (x_{1},...,x_{m}) is said to be a) an Edgeworth equilibrium whenever it belongs to the core of every n-fold replication of the economy; and b) an epsilon > 0 there exists some price p not equal to 0 with p omega =1 (where omega = Sigma omega_{i} is the total endowment) and with x >=_{i} x_{i} implying p times x > p times omega_{i} - epsilon. The major results of the paper are the following: Theorem I: Edgeworth equilibria exist. Theorem II: An allocation is an Edgeworth equilibrium if and only if it is an epsilon-Walrasian equilibrium. Theorem III: If preferences are proper, then every Edgeworth equilibrium is a quasi-equilibrium.

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  • Donald J. Brown & Charalambos Aliprantis & Owen Burkinshaw, 1985. "Edgeworth Equilibria," Cowles Foundation Discussion Papers 756R, Cowles Foundation for Research in Economics, Yale University.
  • Handle: RePEc:cwl:cwldpp:756r
    Note: CFP 691.
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    File URL: http://cowles.yale.edu/sites/default/files/files/pub/d07/d0756-r.pdf
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    Other versions of this item:

    • Aliprantis, Charalambos D & Brown, Donald J & Burkinshaw, Owen, 1987. "Edgeworth Equilibria," Econometrica, Econometric Society, vol. 55(5), pages 1109-1137, September.

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