Existence of equilibria in atomless production economies with price dependent preferences

Joseph Greenberg; Benyamin Shitovitz; Andrzej Wieczorek

doi:10.1016/0304-4068(79)90023-5

Existence of equilibria in atomless production economies with price dependent preferences

Joseph Greenberg, Benyamin Shitovitz, Andrzej Wieczorek

Research output: Contribution to journal › Article › peer-review

Abstract

The existence of a competitive equilibrium for an economy with a measure space of agents is proved by reducing the economy to a three-person game and then applying Debreu's lemma (1952). In addition to the relative simplicity and shortness of the proof, we generalize known results [Aumann (1966), Hildenbrand (1970), Schmeidler (1969)] by allowing both price dependent preferences and satiation.

Original language	English
Pages (from-to)	31-41
Number of pages	11
Journal	Journal of Mathematical Economics
Volume	6
Issue number	1
DOIs	https://doi.org/10.1016/0304-4068(79)90023-5
State	Published - Mar 1979
Externally published	Yes

ASJC Scopus subject areas

Economics and Econometrics
Applied Mathematics

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10.1016/0304-4068(79)90023-5

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title = "Existence of equilibria in atomless production economies with price dependent preferences",

abstract = "The existence of a competitive equilibrium for an economy with a measure space of agents is proved by reducing the economy to a three-person game and then applying Debreu's lemma (1952). In addition to the relative simplicity and shortness of the proof, we generalize known results [Aumann (1966), Hildenbrand (1970), Schmeidler (1969)] by allowing both price dependent preferences and satiation.",

author = "Joseph Greenberg and Benyamin Shitovitz and Andrzej Wieczorek",

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N2 - The existence of a competitive equilibrium for an economy with a measure space of agents is proved by reducing the economy to a three-person game and then applying Debreu's lemma (1952). In addition to the relative simplicity and shortness of the proof, we generalize known results [Aumann (1966), Hildenbrand (1970), Schmeidler (1969)] by allowing both price dependent preferences and satiation.

AB - The existence of a competitive equilibrium for an economy with a measure space of agents is proved by reducing the economy to a three-person game and then applying Debreu's lemma (1952). In addition to the relative simplicity and shortness of the proof, we generalize known results [Aumann (1966), Hildenbrand (1970), Schmeidler (1969)] by allowing both price dependent preferences and satiation.

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DO - 10.1016/0304-4068(79)90023-5

M3 - Article

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Existence of equilibria in atomless production economies with price dependent preferences

Abstract

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