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Production equilibria in locally proper economies with unbounded and unordered consumers

Authors
Journal
Journal of Mathematical Economics
0304-4068
Publisher
Elsevier
Publication Date
Volume
32
Issue
3
Identifiers
DOI: 10.1016/s0304-4068(98)00048-2
Keywords
  • Topological Vector Lattice
  • Existence Of Equilibrium
Disciplines
  • Mathematics

Abstract

Abstract We prove a theorem on the existence of general equilibrium for a production economy with unordered preferences in a topological vector lattice commodity space. Our consumption sets need not have a lower bound and the set of feasible allocations need not be topologically bounded. Instead, we introduce a notion of local proper dominance and assume that the set of feasible allocations not locally properly dominated by any other feasible allocation has compact closure. Furthermore, we assume that the economy is locally proper as opposed to uniformly proper. In particular, preferences satisfy a locally uniform version of the extreme desirability condition of Yannelis and Zame [Yannelis, N.C., Zame, W.R., 1986, Equilibria in Banach lattices without ordered preferences, Journal of Mathematical Economics 15, 85–110.].

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