The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the "nearby economy"approach introduced by Postlewaite and Schmeidler (Approximate Walrasian...

The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the nearby economyapproach introduced by Postlewaite and Schmeidler (Approximate Walrasian Equilibrium...

This note proves the existence of a first-order locally consistent equilibrium (see, for example, Bonanno and Zeeman [1985], Gary-Bobo [1989a], [1989b]) with more general strategy spaces and without the "boundary conditions" employed by Bonanno and Zeeman [1985]. Two examples of application are...

According to the capability approach and more orthodox theories of individual well-being, freedom is an important ingredient of individual welfare. In operationalising these theories, therefore, it is crucial to have a practical measure of freedom. This paper analyses the measures of freedom...