Equilibria in Banach lattices without ordered preferences |
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| Affiliation: | 1. School of Science, Hangzhou Dianzi University, Hangzhou 310018, PR China;2. Department of Applied Mathematics, Shanghai Jiao Tong University, Shanghai 200240, PR China;3. Shanghai Key Laboratory for Contemporary Applied Mathematics, School of Mathematical Sciences, Fudan University, Shanghai 200433, PR China;1. Research Institute for Economics and Business Administration, Kobe University, Japan;2. Department of Economics, University of Vienna, Austria;1. Royal Holloway College, University of London, United Kingdom of Great Britain and Northern Ireland;2. Max Planck Institute for Research on Collective Goods, Bonn, Germany |
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| Abstract: | This paper establishes a very general result on the existence of competitive equilibria for exchange economies (with a finite number of agents) with an infinite-dimensional commodity space. The commodity spaces treated are Banach lattices, but no interiority assumptions on the positive cone are made; thus, the commodity spaces covered by this result include most of the spaces considered in economic analysis. Moreover, this result applies to preferences which may not be monotone, complete, or transitive; preferences may even be interdependent. Since preferences need not be monotone, the result allows for non-positive prices, and an exact equilibrium is obtained, rather than a free-disposal equilibrium. |
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