Title

Edgeworth Equilibria in Production Economies

Document Type

Discussion Paper

Publication Date

3-1-1986

CFDP Number

784

CFDP Pages

42

Abstract

An Edgeworth equilibrium is an allocation that belongs to the core of every n -fold replica of the economy. In [2] we studied in the setting of Riesz spaces the properties of Edgeworth equilibria for pure exchange economies with infinite dimensional commodity spaces. In this work, we study the same problem for economies with production. Under some relatively mild conditions we establish (among other things) that: 1. Edgeworth equilibria exist; 2. Every Edgeworth equilibrium is a quasiequilibrium; and 3. An allocation is an Edgeworth equilibrium if and only if it can be “decentralized” by a price system.

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