Document Type
Discussion Paper
Publication Date
6-1-1985
CFDP Number
756R
CFDP Revision Date
1987-09-01
CFDP Pages
39
Abstract
The paper studies pure exchange economies with infinite dimensional commodity spaces in the setting of Riesz dual systems. Several new concepts of equilibrium are introduced. An allocation ( x 1 , …, x m ) is said to be a) an Edgeworth equilibrium whenever it belongs to the core of every n -fold replication of the economy; and b) an ε- Walrasian equilibrium whenever for each ε > 0 there exists some price p not equal to 0 with p ∙ω = 1 (where ω = Σω i is the total endowment) and with x ≥ i x i implying p times x ≥ p ∙ω i – ε. The major results of the paper are the following: Theorem I: Edgeworth equilibria exist. Theorem II: An allocation is an Edgeworth equilibrium if and only if it is an ε-Walrasian equilibrium. Theorem III: If preferences are proper, then every Edgeworth equilibrium is a quasi-equilibrium.
Recommended Citation
Aliprantis, Charalambos D.; Brown, Donald J.; and Burkinshaw, Owen, "Edgeworth Equilibria" (1985). Cowles Foundation Discussion Papers. 996.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/996