Existence of Walrasian equilibria with discontinuous, non-ordered, interdependent and price-dependent preferences, without free disposal, and without compact consumption sets
放宽了消费集紧性的假设,证明了在消费集闭且下有界时瓦尔拉斯均衡的存在性,适用于偏好非连续、非传递、相互依赖且依赖价格的情况,对一般均衡理论有重要推广。
Abstract We extend a result on existence of Walrasian equilibria in He and Yannelis (Econ Theory 61:497–513, 2016) by replacing the compactness assumption on consumption sets made there by the standard assumption that these sets are closed and bounded from below. This provides a positive answer to a question explicitly raised in He and Yannelis (Econ Theory 61:497–513, 2016). Our new equilibrium existence theorem generalizes many results in the literature as we do not require any transitivity or completeness or continuity assumption on preferences, initial endowments need not be in the interior of the consumption sets, preferences may be interdependent and price-dependent, and no monotonicity or local non satiation is needed for any of the agents.