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1.
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.
Received: March 9, 1999; revised version: September 4, 2000 相似文献
2.
Summary. A theory of smooth preferences on a locally convex, topological vector space is developed by characterizing the existence of a unique supporting hyperplane to a convex set at a given point. The results are expressed in terms of the tangent cone. A new concept of properness, called strict properness, is also proposed to characterize the existence of a strictly supporting hyperplane to a convex set at a given point. We say that strict preferences are properly smooth at a given point provided that they are smooth, strictly proper, and the secant cone has a non-empty interior. Proper smoothness is broadly consistent with Gâteaux-differentiable utility even when the preference domain has an empty interior. Yet proper smoothness also allows the possibility of incomplete or intransitive preferences. This concept has immediate applications to optimization and equilibrium theory. For example, we demonstrate a version of the Second Welfare Theorem for agents with properly smooth preferences.Received: 25 September 2002; revised version: February 5, 2003, Revised: 5 February 2003, JEL Classification Numbers:
D46, D51. 相似文献
3.
Maria Gabriella Graziano 《Economic Theory》2001,17(1):121-139
Summary. This paper deals with a private ownership production economy assuming that the commodity space is infinite-dimensional. It
is first showed that the fuzzy core allocations, a concept that goes back to J.-P. Aubin, are in a one-to-one correspondence
with certain core allocations of a continuum economy suitably defined. This result is obtained under convexity of preferences
and production sets and separability of the commodity space. In the case of nonconvex preferences and production sets, the
set of fuzzy coalitions can be enlarged in order to obtain that every allocation of the core accordingly defined is supported
by a non zero price. The proof of the equivalence result when the positive cone of the commodity space has the empty interior,
is obtained under assumptions of properness for preferences relations and production sets.
Received: July 9, 1998; revised version: December 6, 1999 相似文献
4.
Summary. For a number of reasons a large class of general equilibrium models from the field of resource economics does not allow for
an equilibrium analysis along the lines of the theory of infinite dimensional commodity spaces. The reasons concern the choice
of the commodity space and the applicability of properness assumptions with respect to preferences and the technology. This
paper illustrates the difficulties and shows for a prototype model how the problems can successfully be tackled by the use
of a limit argument on equilibria in the truncated economies.
Received: May 2, 1996; revised version: May 13, 1998 相似文献
5.
Summary. This paper proves core-equivalence theorems for exchange economies without ordered preferences, defined on locally convex
Riesz commodity spaces such that the price space is a lattice. Properness assumptions are borrowed from some recent equilibrium
existence results.
Received: January 15, 1998; revised version: August 19, 1998 相似文献
6.
We consider exchange economies with a measure space of agents and for which the commodity space is a separable and reflexive Banach lattice. Under assumptions imposing uniform bounds on marginal rates of substitution, positive results on core-Walras equivalence were established in Rustichini-Yannelis [27] and Podczeck [25]. In this paper we prove that under similar assumptions on marginal rates of substitution, the set of competitive equilibria (and thus the core) is non-empty. 相似文献
7.
Summary Consider a solution (an allocation rule) for an economy which satisfies the following criteria: (1) Pareto efficiency, (2) monotonicity, in the sense that if the set of attainable allocations of the economy becomes larger then the solution makes no consumer worse-off, (3) a weak and primitive notion of fairness with respect to some commodity, say commodityh, in the sense that in an exchange economy in which the aggregate endowment consists only of commodityh, the solution is equal division. We show that in the class of economies which includes non-convex technologies the only such solution is egalitarian equivalence with respect to commodityh. It is also shown that this characterization of egalitarian equivalence holds in convex exchange economies if we add a weak version of a positive association requirement.We are grateful to William Thomson and three anonymous referees for extensive comments on an earlier version. We also acknowledge helpful comments of the participants of the Social Choice and Welfare Conference held in Caen, June 1992. 相似文献
8.
Yasar N. Barut 《Economic Theory》2000,15(2):319-337
Summary. We prove the existence and efficiency of equilibrium in economies with infinitely many consumers in which there are finitely many agents who own a positive portion of the aggregate endowment. We prove existence for commodity spaces which are employed in the general equilibrium asset pricing models and use incomplete and intransitive preferences. We discuss the importance of existence of finitely many agents who own a positive portion of the aggregate endowment in obtaining efficient equilibrium. For general equilibrium asset pricing applications we require forward properness only at individually rational Pareto optimal allocations. We provide an Arrow-Debreu model for these economies. We also give an application of our approach and results by employing Stochastic Differential Utility as the utility of each consumer in an infinite horizon model. 相似文献
9.
Aldo RustichiniPaolo Siconolfi 《Review of Economic Dynamics》2012,15(1):57-71
We study economies of asymmetric information with observable types. Trade takes place in lotteries. Individuals face a standard budget constraint, while the incentive compatibility constraints are imposed on the production set of the intermediaries. This formalization encompasses moral hazard, as in
[Jerez, 2003] and [Jerez, 2005], and private information economies. Equilibrium allocations are constrained efficient, but, contrary to what stated for example in Jerez (2005), the set of equilibrium allocations may be empty and the Second Welfare Theorem may fail. This happens for two reasons. First, constrained efficient allocations may violate the necessary and sufficient conditions of price supportability for the individuals. Second, even when constrained efficient allocation are price supportable, they may fail to be a profit maximizing choice of the firm at the individual supporting prices. To restore existence of an equilibrium the firm has to be restricted to supply allocations with support in the set of incentive compatible contracts. 相似文献
10.
Konrad Podczeck 《Economic Theory》2003,22(4):699-725
Summary. It is shown that core-Walras equivalence fails whenever the commodity space is a non-separable Banach space. The interpretation
is that a large number of agents guarantees core-Walras equivalence only if there is actually a large number of agents relative
to the size of the commodity space. Otherwise a large number of agents means that agents' characteristics may be extremely
dispersed, so that the standard theory of perfect competition fails. Supplementing the core-Walras non-equivalence result,
it is shown that in the framework of economies with weakly compact consumption sets – as developed by Khan and Yannelis (1991)
– the core is always non-empty, even if consumption sets are non-separable.
December 12, 2001; revised version: December 6, 2002
RID="*"
ID="*" Thanks to E. Dierker, M. Nermuth, R. Tourky, and N. C. Yannelis for helpful discussions and suggestions, and thanks
to a referee for comments which helped to improve the final version. 相似文献
11.
Summary. Convergence of the cores of finite economies to the set of Walrasian allocations as the number of agents grows has long been
taken as one of the basic tests of perfect competition. The present paper examines this test in the most natural model of
commodity differentiation: the commodity space is the space of nonnegative measures, endowed with the topology of weak convergence.
In Anderson and Zame [12], we gave counterexamples to core convergence in L
1, a space in which core convergence holds for replica economies and core equivalence holds for continuum economies; in addition,
we gave a core convergence theorem under the assumption that traders' utility functions exhibit uniformly vanishing marginal
utility at infinity. In this paper, we provide two core convergence results for the commodity differentiation model. A key
technical virtue of this space is that relatively large sets (in particular, closed norm-bounded sets) are compact. This permits
us to invoke a version of the Shapley-Folkman Theorem for compact subsets of an infinite-dimensional space. We show that,
for sufficiently large economies in which endowments come from a norm bounded set, preferences satisfy an equidesirability
condition, and either (i) preferences exhibit uniformly bounded marginal rates of substitution or (ii) endowments come from
an order-bounded set, core allocations can be approximately decentralized by prices.
Received: July 29, 1996; revised version: January 14, 1997 相似文献
12.
Non-paternalistic Altruism and Utility Interdependence 总被引:1,自引:0,他引:1
Hajime Hori 《The Japanese Economic Review》2001,52(2):137-155
This paper clarifies the notion of non-paternalistic altruism through the use of utility aggregators. It presents conditions for the existence of non-paternalistically altruistic utility functions and provides a complete characterization of such utility functions. The results are used to generalize the Second Theorem of Welfare Economics and to prove the existence of an equilibrium in a game of voluntary gift-giving.
JEL Classification Nos.: D11, D64. 相似文献
JEL Classification Nos.: D11, D64. 相似文献
13.
Guillaume Bernis 《Economic Theory》2002,20(2):295-320
Summary. This paper deals with the existence of equilibrium in a dynamic reinsurance market with short sale constraints, driven by
a marked point process, as studied in Bernis and Jouini (2001). We use the set of reinsurance treaties as consumption set,
which is the positive orthant of some Banach lattice that can be identified to a space of martingales, . The properness of preferences is a key assumption for us to prove the existence of an equilibrium. We provide a sufficient
condition for the preferences to be proper in term of loading factor of the reinsurance premium.
Received: June 15, 2000; revised version: May 17, 2001 相似文献
14.
Cuong Le Van 《Economic Theory》1996,8(1):155-166
Summary Properness of preferences are useful for proving existences of an equilibrium and of supporting prices in Banach Lattices. In this paper we characterize completely properness and uniform properness for separable concave functions defined inL
+
p
. We prove also that every separable concave function which is well-defined inL
p is automatically continuous.The author would like to thank Rose-Anne DANA and three referees for their helpful remarks and suggestions. 相似文献
15.
Rabee Tourky 《Economic Theory》1999,14(1):219-226
Summary. We prove Aliprantis, Brown, and Burkinshaw's (1987) theorem on the equivalence of Edgeworth production equilibria and pseudo-equilibria
in a more general setting. We consider production economies with unordered preferences and general consumption sets in a vector
lattice commodity space. We adapt the approach of Mas-Colell and Richard (1991) and prove our theorem by applying a separating
hyperplane argument in the space of all allocations. We also generalize Podczeck's (1996) important result on the relationship
between continuous and discontinuous equilibrium prices to the case of production.
Received: April 18, 1997; revised version: February 6, 1998 相似文献
16.
Benyamin Shitovitz 《Economic Theory》1997,10(3):559-563
Summary. Using a mixed market model for analyzing imperfectly competitive economies, we maximize the oligopolists' Welfare Function,
given individual rationality and feasibility constraints. We prove that solutions belong to the core for a large class of
economies. This class includes, in particular, every monopoly having a single type of small traders. Note that all such solutions
yield the large trader, utility-wise, strictly more than at any monopoly solution, where the monopolist plays strategically,
and the ocean of small traders act as being as price-takers.
Received: March 4, 1996; revised version July 7, 1996 相似文献
17.
his paper contrasts state–directed and market–mediated reform of enterprise ownership rights in transition economies. We evaluate China's emerging market for enterprise ownership rights from the perspective of conditions underpinning the Coase Theorem: the assignment of property rights, the degree of competition, and the nature of transaction costs. China's recent experience suggests that policies designed to expand and support the scope of decentralized, market–based restructuring of ownership rights, even under conditions that deviate widely from the ideal assumptions underlying the Coase Theorem, may prove more beneficial than direct official intervention. JEL classification: G34, K11, L1 and P3. 相似文献
18.
This paper studies first-order differentiability properties of the value function in concave dynamic programs. Motivated by economic considerations, we dispense with commonly imposed interiority assumptions. We suppose that the correspondence of feasible choices varies with the vector of state variables, and we allow the optimal solution to belong to the boundary of this correspondence. Under minimal assumptions we prove that the value function is continuously differentiable. We then discuss this result in the context of some economic models, and focus on some examples in which our assumptions are not met and the value function is not differentiable. 相似文献
19.
Maria Gabriella Graziano 《International Economic Review》2007,48(3):1037-1063
The article deals with the two fundamental theorems of welfare economics for production economies with a finite set of agents, infinitely many private goods, and a set of public projects. The problem of efficiency and decentralization is addressed under the following very general assumptions: (a) the commodity–price duality is endowed with a consistent locally convex topology; (b) the set of public projects is without any mathematical structure. Moreover, any agent is characterized by a nonordered preference relation depending on consumption goods and public projects. Approximate and exact welfare theorems are discussed throughout the article. 相似文献
20.
Kam-Chau Wong 《Economic Theory》1997,10(1):39-54
Summary. For continuous aggregate excess demand functions of economies, the existing literature (e.g. Sonnenschein (1972, 1973), Mantel
(1974), Debreu (1974), Mas-Colell (1977), etc.) achieves a complete characterization only when the functions are defined on
special subsets of positive prices. In this paper, we allow the functions to be defined on a larger class of price sets, (allowing,
for example the closed unit simplex, including its boundary). Besides characterizing excess demands for a larger class of
economies, our extension provides a useful tool for proving other results. It allows us to characterize the equilibrium price
set for a larger class of economies. It also permits extending Uzawa's observation (1962), by showing that Brouwer's Fixed-Point
Theorem is implied by the Arrow-Debreu Equilibrium Existence Theorem (1954, Theorem I).
Received: October 18, 1995; revised version June 28, 1996 相似文献