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Characterizing sets of lower bounds: a hidden convexity result

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  • Emil Ernst
  • Alberto Zaffaroni

Abstract

This study addresses sets of lower bounds in a vector space ordered by a convex cone. It is easy to see that every set of lower bounds must be simultaneously downward and bounded from above, and must possesses the further property that it contains the supremum of any of its subsets which admits one. Our main result proves that these conditions are also sufficient, provided that the ordering cone is polyhedral. Simple counter-examples prove that the sufficiency fails when the polyhedrality assumption is dropped.

Suggested Citation

  • Emil Ernst & Alberto Zaffaroni, 2016. "Characterizing sets of lower bounds: a hidden convexity result," Department of Economics 0105, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
    • Handle: RePEc:mod:depeco:0105
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