HAL: halshs-00086096, version 1

DOI: 10.1007/s00199-003-0371-6

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Economic Theory 23, 2 (2004) 353-370

Edgeworth and Walras equilibria of an arbitrage-free exchange economy

Nizar Allouch 1, Monique Florenzano 2

(2004-01)

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 result and its proof do not depend on the dimension or the particular structure of the commodity space. In a second part of the paper, we give conditions under which Edgeworth allocations can be decentralized by continuous prices in a finite dimensional and in an infinite dimensional setting. We then show how these results apply to some finance models.

1:	Department of Economics, Qeen Mary College, University of London
	Qeen Mary College, University of London
2:	CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique (CERMSEM)
	CNRS : UMR8095 – Université Paris I - Panthéon-Sorbonne

Subject

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Humanities and Social Sciences/Economies and finances Mathematics/Functional Analysis

Keyword(s): Arbitrage-free asset markets – individually rational utility set – Edgeworth equilibria – fuzzy coalitions – fuzzy core – Walras equilibria – quasiequilibria – properness of preferences

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From: Monique Florenzano <>

Submitted on: Friday, 21 July 2006 18:46:21

Updated on: Tuesday, 4 March 2008 15:32:01