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Vanishing Indivisibilities in Linear Exchange Economies

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  • Florig, M.

Abstract

A hierarchic price is a finite ordered family of price vectors {p1,...,pk}. It extends the notion of exchange values proposed by Gay (1978). These price notions were introduced in order to establish the existence of a competitive equilibrium without the strong survival assumption. It is well known that without such an assumption a standard Walras equilibrium need not exist. We prove in the framework of linear exchange economies that a hierarchic price may be seen as a standard price of an economy with small indivisibilities.

Suggested Citation

  • Florig, M., 2000. "Vanishing Indivisibilities in Linear Exchange Economies," Papiers d'Economie Mathématique et Applications 2000.72, Université Panthéon-Sorbonne (Paris 1).
  • Handle: RePEc:fth:pariem:2000.72
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    References listed on IDEAS

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    More about this item

    Keywords

    UTILITY FUNCTIONS ; PRICES ; COMPETITION;

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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