Existence of equilibria in economies with externalities and non-convexities in an infinite dimensional commodity space
We prove an equilibrium existence theorem for economies with externalities, general types of non-convexities in the production sector, and infinitely many commodities. The consumption sets, the preferences of the consumers and the production possibilities are represented by set-valued mappings to ta...
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2011
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| Acceso en línea: | http://ri.unsam.edu.ar/handle/123456789/2604 |
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I78-R216-123456789-26042025-04-30T18:48:34Z Existence of equilibria in economies with externalities and non-convexities in an infinite dimensional commodity space Fuentes, Matías Nicolás. ECONOMIC EQUILIBRIUM COST ACCOUNTING COMMODITIES COMMODITIES PRICES info:eu-repo/semantics/publishedVersion We prove an equilibrium existence theorem for economies with externalities, general types of non-convexities in the production sector, and infinitely many commodities. The consumption sets, the preferences of the consumers and the production possibilities are represented by set-valued mappings to take into account the external effects. The firms set their prices according to general pricing rules which are supposed to have bounded losses and may depend upon the actions of the other economic agents. The commodity space is L (M, , ) ¥ M μ , the space of essentially bounded, real-valued, measurable functions on (M,M,μ). As for our existence result, we consider the framework of Bewley (1972). However, there are four major problems in using this technique. To overcome two of these difficulties, we impose strong lower hemi-continuity assumptions upon the economies. The remaining problems are removed when finite economies are large enough. Our model encompasses previous works on the existence of general equilibria when there are externalities and non-convexities but the commodity space is finite dimensional and those on general equilibria in non-convex economies with infinitely many commodities when no external effect is taken into account. Fil: Fuentes, Matías Nicolás, Universidad Nacional de San Martín. Centro de Investigación en Economía Teórica y Matemática Aplicada (CIETyMA); Buenos Aires, Argentina 2011-12 info:eu-repo/semantics/article info:ar-repo/semantics/artículo Fuentes, M. N. (2011). Existence of equilibria in economies with externalities and non-convexities in an infinite dimensional commodity space. Journal of mathematical economics 47(6), 768-776. Retrieved on August 26, 2024, from https://www.sciencedirect.com/science/article/abs/pii/S0304406811001194 0304-4068 EEYN_CIETYMA_2011_0304-4068_47(6)_768-776 http://ri.unsam.edu.ar/handle/123456789/2604 eng info:eu-repo/semantics/openAccess http://creativecommons.org/licenses/by-nc-sa/2.5/ar/ Creative Commons Atribución-NoComercial-CompartirIgual 2.5 Argentina (CC BY-NC-SA 2.5) application/pdf pp. 768-776. application/pdf ScienceDirect |
| institution |
Universidad Nacional de General San Martín |
| institution_str |
I-78 |
| repository_str |
R-216 |
| collection |
Repositorio Institucional de la UNSAM |
| language |
Inglés |
| topic |
ECONOMIC EQUILIBRIUM COST ACCOUNTING COMMODITIES COMMODITIES PRICES |
| spellingShingle |
ECONOMIC EQUILIBRIUM COST ACCOUNTING COMMODITIES COMMODITIES PRICES Fuentes, Matías Nicolás. Existence of equilibria in economies with externalities and non-convexities in an infinite dimensional commodity space |
| topic_facet |
ECONOMIC EQUILIBRIUM COST ACCOUNTING COMMODITIES COMMODITIES PRICES |
| description |
We prove an equilibrium existence theorem for economies with externalities, general types of non-convexities in the production sector, and infinitely many commodities. The consumption sets, the preferences of the consumers and the production possibilities are represented by set-valued mappings to take into account the external effects. The firms set their prices according to general pricing rules which are supposed to have bounded losses and may depend upon the actions of the other economic agents. The commodity space is L (M, , ) ¥ M μ , the space of essentially bounded, real-valued, measurable functions on (M,M,μ). As for our existence result, we consider the framework of Bewley (1972). However, there are four major problems in using this technique. To overcome two of these difficulties, we impose strong lower hemi-continuity assumptions upon the economies. The remaining problems are removed when finite economies are large enough. Our model encompasses previous works on the existence of general equilibria when there are externalities and non-convexities but the commodity space is finite dimensional and those on general equilibria in non-convex economies with infinitely many commodities when no external effect is taken into account. |
| format |
publishedVersion Artículo Artículo |
| author |
Fuentes, Matías Nicolás. |
| author_facet |
Fuentes, Matías Nicolás. |
| author_sort |
Fuentes, Matías Nicolás. |
| title |
Existence of equilibria in economies with externalities and non-convexities in an infinite dimensional commodity space |
| title_short |
Existence of equilibria in economies with externalities and non-convexities in an infinite dimensional commodity space |
| title_full |
Existence of equilibria in economies with externalities and non-convexities in an infinite dimensional commodity space |
| title_fullStr |
Existence of equilibria in economies with externalities and non-convexities in an infinite dimensional commodity space |
| title_full_unstemmed |
Existence of equilibria in economies with externalities and non-convexities in an infinite dimensional commodity space |
| title_sort |
existence of equilibria in economies with externalities and non-convexities in an infinite dimensional commodity space |
| publisher |
ScienceDirect |
| publishDate |
2011 |
| url |
http://ri.unsam.edu.ar/handle/123456789/2604 |
| work_keys_str_mv |
AT fuentesmatiasnicolas existenceofequilibriaineconomieswithexternalitiesandnonconvexitiesinaninfinitedimensionalcommodityspace |
| _version_ |
1849012371034472448 |