Linear and non-linear price decentralization |
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Authors: | Charalambos D Aliprantis Monique Florenzano |
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Institution: | a Department of Economics, Krannert School of Management, Purdue University, West Lafayette, IN 47907-1310, USA b CNRS-CERMSEM, Université Paris 1, 106-112 boulevard de l’Hôpital, 75647 Paris, Cedex 13, France c Departments of Economics, The University of Melbourne, Melbourne, VIC 3010, Australia |
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Abstract: | Compendious and thorough solutions to the existence of a linear price equilibrium problem, the second welfare theorem, and the limit theorem on the core are provided for exchange economies whose consumption sets are the positive cone of arbitrary ordered Fréchet spaces—dispensing entirely with the assumption that the vector ordering of the commodity space is a lattice. The motivation comes from economic applications showing the need to bring within the scope of equilibrium theory vector orderings that are not lattices, which arise in the typical model of portfolio trading with missing options. The assumptions are on the primitives of the model. They are bounds on the marginals of non-linear prices and for ω-proper economies they are both sufficient and necessary. |
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Keywords: | C61 C62 D46 D51 G1 |
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