Open core and quasi-equilibria with lower semi-continuous preferences |
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Authors: | Ning Sun |
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Institution: | (1) Doctoral Program in Policy and Planning Sciences, University of Tsukuba, Tsukuba, Ibaraki 305, JAPAN (e-mail: sun@shakosv.sk.tsukuba.ac.jp), JP |
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Abstract: | Summary. This note introduces a new concept of core –open core, using which it shows a quasi-equilibrium existence result in an economy where consumers' preference relations are assumed
to be lower semi-continuous, but not necessarily to have open lower sections nor to be open valued, such as the lexicographic
ordering. As an application, a competitive equilibrium existence result without non-satiation assumption is proved.
Received: October 28, 1996; revised version: November 4, 1997 |
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Keywords: | and Phrases: Open core Quasi-equilibrium Lower semi-continuity Existence JEL Classification Number: D51 |
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