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...

The problem of choice of technique in single production linear models has been extensively analysed under the assumption that the set of processes available in the economy is exogenously given and globally known. However, since Atkinson and Stiglitz's 1969 article economists have considered...

This note shows the existence of a second-order locally consistent equilibrium in the game analysed in 1988 by Bonanno, under assumptions which are weaker and empirically more satisfactory than usual. An example of application to oligopoly theory is also provided. Copyright 2000 by Blackwell...

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...