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In this paper, we first give a direct proof of the existence of Edgeworth equilibria for exchange economies with consumption sets which are (possibly) unbounded below. The key assumption is that the individually rational utility set is compact. It is worth noticing that the statement of this...
Persistent link: https://www.econbiz.de/10005630651
We provide a proof of the existence of a (quasi-)equilibrium in an exchange economy with short selling when the preference relations of the investors are represented by a partial preorder, a setting which encompasses the case of preference relations derived from a utility function. A second...
Persistent link: https://www.econbiz.de/10005630760
This paper shows a core-equilibrium convergence in a public goods economy where consumers' preferences display warm glow effects. We demonstrate that if each consumer becomes satiated to other consumers' provision, then as the economy grows large the core shrinks to the set of Edgeworth...
Persistent link: https://www.econbiz.de/10008621826
In this paper, we first give a direct proof of the existence of Edgeworth equilibria for exchange economies with consumption sets which are (possibly) unbounded below. The key assumption is that the individually rational utility set is compact. It is worth noticing that the statement of this...
Persistent link: https://www.econbiz.de/10005370865
Persistent link: https://www.econbiz.de/10005371515
Persistent link: https://www.econbiz.de/10005374102
Persistent link: https://www.econbiz.de/10005374350
Persistent link: https://www.econbiz.de/10005374368
The main contribution of the paper is to provide a weaker nonsatiation assumption than the one commonly used in the literature to ensure the existence of competitive equilibrium. Our assumption allows for satiation points in the set of individually feasible consumptions, provided that the...
Persistent link: https://www.econbiz.de/10005374389
The main contribution of the paper is to provide a weaker nonsatiation assumption than the one commonly used in the literature to ensure the existence of competitive equilibrium. Our assumption allows for satiation points inside the set of individually feasible consumptions, provided that the...
Persistent link: https://www.econbiz.de/10005388291