Journal article
Existence of Walrasian equilibria with discontinuous, non-ordered, interdependent and price-dependent preferences, without free disposal, and without compact consumption sets
Economic theory, Vol.73(2-3), pp.413-420
04/01/2022
DOI: 10.1007/s00199-021-01400-6
Abstract
We extend a result on existence of Walrasian equilibria in He and Yannelis (Econ Theory 61:497-513, 2016) by replacing the compactness assumption on consumption sets made there by the standard assumption that these sets are closed and bounded from below. This provides a positive answer to a question explicitly raised in He and Yannelis (Econ Theory 61:497-513, 2016). Our new equilibrium existence theorem generalizes many results in the literature as we do not require any transitivity or completeness or continuity assumption on preferences, initial endowments need not be in the interior of the consumption sets, preferences may be interdependent and price-dependent, and no monotonicity or local non satiation is needed for any of the agents.
Details
- Title: Subtitle
- Existence of Walrasian equilibria with discontinuous, non-ordered, interdependent and price-dependent preferences, without free disposal, and without compact consumption sets
- Creators
- Konrad Podczeck - Institut für Volkswirtschaftslehre, Universität Wien, Vienna, AustriaNicholas C. Yannelis - University of Iowa
- Resource Type
- Journal article
- Publication Details
- Economic theory, Vol.73(2-3), pp.413-420
- DOI
- 10.1007/s00199-021-01400-6
- ISSN
- 0938-2259
- eISSN
- 1432-0479
- Publisher
- Springer Nature
- Number of pages
- 8
- Grant note
- University of Vienna
- Language
- English
- Date published
- 04/01/2022
- Academic Unit
- Economics
- Record Identifier
- 9984380414302771
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