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Production equilibria

Author

Listed:
  • Charalambos D. Aliprantis

    (Purdue University [West Lafayette])

  • Monique Florenzano

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Rabee Tourky

    (Purdue University [West Lafayette])

Abstract

This paper studies production economies in a commodity space that is an ordered locally convex space. We establish a general theorem on the existence of equilibrium without requiring that the commodity space or its dual be a vector lattice. Such commodity spaces arise in models of portfolio trading where the absence of some option usually means the absence of a vector lattice structure. The conditions on preferences and production sets are at least as general as those imposed in the literature dealing with vector lattice commodity spaces. The main assumption on the order structure is that the Riesz-Kantorovich functionals satisfy a uniform properness condition that can be formulated in terms of a duality property that is readily checked. This condition is satisfied in a vector lattice commodity space but there are many examples of other commodity spaces that satisfy the condition, which are not vector lattices, have no order unit, and do not have either the decomposition property or its approximate versions.

Suggested Citation

  • Charalambos D. Aliprantis & Monique Florenzano & Rabee Tourky, 2006. "Production equilibria," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00092809, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00092809
    DOI: 10.1016/j.jmateco.2006.04.006
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00092809v1
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    Cited by:

    1. M. Ali Khan, 2007. "Perfect Competition," PIDE-Working Papers 2007:15, Pakistan Institute of Development Economics.
    2. Pirro Oppezzi & Anna Rossi, 2015. "Improvement Sets and Convergence of Optimal Points," Journal of Optimization Theory and Applications, Springer, vol. 165(2), pages 405-419, May.
    3. Achille Basile & Maria Gabriella Graziano, 2012. "Core Equivalences for Equilibria Supported by Non-linear Prices," CSEF Working Papers 309, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    4. Bogdan Klishchuk, 2018. "Multiple markets: new perspective on nonlinear pricing," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 66(2), pages 525-545, August.
    5. Aliprantis, Charalambos D. & Monteiro, Paulo K. & Tourky, Rabee, 2004. "Non-marketed options, non-existence of equilibria, and non-linear prices," Journal of Economic Theory, Elsevier, vol. 114(2), pages 345-357, February.
    6. Jean-Marc Bonnisseau & Matías Fuentes, 2020. "Market Failures and Equilibria in Banach Lattices: New Tangent and Normal Cones," Journal of Optimization Theory and Applications, Springer, vol. 184(2), pages 338-367, February.
    7. Charalambos D. Aliprantis & Monique Florenzano & Rabee Tourky, 2004. "Equilibria in production economies," Cahiers de la Maison des Sciences Economiques b04116, Université Panthéon-Sorbonne (Paris 1).

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