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- W2181910014 abstract "Here we demonstrate a technique for proving the existence of competitive equilibrium without assuming either free disposability or monotone preferences. Although this device is sufficiently flexible to allow generalization in several directions,l our discussion will be confined to a pure exchange economy constructed as follows. There are m consumers indexed by the set I = { 1, . . ., m}. For each i E I, there is a consumption set Ci c E”, an initial endowment Wi E E”, a trade set Xi 3 Ci(wi}, a preference relation on trades’ Ri c Xi x Xi, and a strict preference relation Pi G ((x, y) E Xi x Xi 1 (x, y) E Ri and (y, X) 6 Ri}. The following notations are equivalent: (x, y) E Ri, XRiy, x E Ri(y) and y E R;‘(x). Similar notational conventions apply for the relation Pi. A competitive equilibrium is an allocation of trades (X, , . . ., Tm) E fl Xi and a price vector p E E” such that x1 Xi = 0 and for all i E I, PSi = 0 and Pi(Xi) n (x 1 gx 5 0} = 0. A quasi-equilibrium is an allocation of trades (X1, . . ., I$,,) E n-Xi and a price vector-F E E” such that p # 0, XI Zi = 0, and for all i E I, Pi(ni) n (x 1 jJx = 0. F o 11 owing a procedure devised by Debreu (1962), we first prove the existence of quasi-equilbrium and then show that (with additional assumptions) a quasi-equilibrium is a competitive equilibrium." @default.
- W2181910014 created "2016-06-24" @default.
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- W2181910014 date "1976-01-01" @default.
- W2181910014 modified "2023-09-23" @default.
- W2181910014 title "HOW TO DISCARD 'FREE DISPOSABILITY" @default.
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