Linear and non-linear price decentralization

• 成果类型: Article
• 署名作者: Aliprantis, CD; Florenzano, M; Tourky, R
• 署名单位: Purdue University System; Purdue University; Centre National de la Recherche Scientifique (CNRS); heSam Universite; Universite Pantheon-Sorbonne; University of Melbourne
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2004.04.007
• 发表日期: 2005
• 页码: 51-74
• 关键词: linear and non-linear prices; equilibrium; welfare theorems

摘要

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 Frechet 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 omega-proper economies they are both sufficient and necessary. (C) 2004 Elsevier Inc. All rights reserved.