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Abstract

This paper provides a price equilibrium existence theorem in economies where commoditiesmay be indivisible and aggregate excess demand functions may be discontinuous. Weintroduce a very weak notion of continuity, called recursive transfer lower semi-continuity,which is weaker than transfer lower semi-continuity and in turn weaker than lower semicontinuity.It is shown that the condition, together with Walras’s law, guarantees the existenceof price equilibrium in economies with excess demand functions. The condition is alsonecessary, and thus our results generalize all the existing results on the existence of priceequilibrium in economies where excess demand is a function.



Item Type: MPRA Paper -

Original Title: On the Existence of Price Equilibrium in Economies with Excess Demand Functions-

Language: English-

Keywords: Existence of price equilibrium; recursive transfer lower semi-continuity; discontinuity;excess demand function-

Subjects: C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C62 - Existence and Stability Conditions of EquilibriumC - Mathematical and Quantitative Methods > C7 - Game Theory and Bargaining Theory > C72 - Noncooperative GamesD - Microeconomics > D4 - Market Structure, Pricing, and Design > D44 - AuctionsD - Microeconomics > D6 - Welfare Economics > D61 - Allocative Efficiency ; Cost-Benefit AnalysisD - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D82 - Asymmetric and Private Information ; Mechanism Design-





Autor: Tian, Guoqiang

Fuente: https://mpra.ub.uni-muenchen.de/57930/







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