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Production equilibria in vector lattices

Authors :
Valeri M. Marakulin
Monique Florenzano
Source :
Economic Theory. 17:577-598
Publication Year :
2001
Publisher :
Springer Science and Business Media LLC, 2001.

Abstract

The general purpose of this paper is to prove quasiequilibrium existence theorems for production economies with general consumption sets in an infinite dimensional commodity space, without assuming any monotonicity of preferences or free-disposal in production. The commodity space is a vector lattice commodity space whose topological dual is a sublattice of its order dual. We formulate two kinds of properness concepts for agents' preferences and production sets, which reduce to more classical ones when the commodity space is locally convex and the consumption sets coincide with the positive cone. Assuming properness allows for extension theorems of quasiequilibrium prices obtained for the economy restricted to some order ideal of the commodity space. As an application, the existence of quasiequilibrium in the whole economy is proved without any assumption of monotonicity of preferences or free-disposal in production.

Details

ISSN :
09382259
Volume :
17
Database :
OpenAIRE
Journal :
Economic Theory
Accession number :
edsair.doi.dedup.....276b01af958e15c694132c06ac11e47d
Full Text :
https://doi.org/10.1007/pl00004117