Characterizations of the Free Disposal Condition for Nonconvex Economies on Infinite Dimensional Commodity Spaces
نویسندگان
چکیده
Our aim in this paper is to prove geometric characterizations of the free disposal condition for nonconvex economies on infinite dimensional commodity spaces even if the cone and the production set involved in the condition have an empty interior such as in L1 with the positive cone L+. We then use this characterization to prove the existence of Pareto and weak Pareto optimal points. We also explore a notion of extremal systems à la Kruger–Mordukhovich. We show that the free disposal hypothesis alone assures the extremality of the production set with respect to some set.
منابع مشابه
Equilibria in Banach Lattices without Ordered Preferences
This paper establishes a very general result on the existence of competitive equilibria for exchange economies (with a finite number of agents) with an infinite-dimensional commodity space. The commodity spaces treated are Banach lattices, but no interiority assumptions on the positive cone are made; thus, the commodity spaces covered by this result include most of the spaces considered in econ...
متن کاملCone Conditions in General Equilibrium Theory
The modern convex-analytic rendition of the classical welfare theorems characterizes optimal allocations in terms of supporting properties of preferences by nonzero prices. While supporting convex sets in economies with finite dimensional commodity spaces is usually a straightforward application of the separation theorem, it is not that automatic in economies with infinite dimensional commodity...
متن کاملDecentralized Convex-Type Equilibrium in Nonconvex Models of Welfare Economics via Nonlinear Prices
The paper is devoted to applications of modern tools of variational analysis to equilibrium models of welfare economics involving nonconvex economies with infinite-dimensional commodity spaces. The main results relate to generalized/ extended second welfare theorems ensuring an equilibrium price support at Pareto optimal allocations. Based on advanced tools of generalized differentiation, we es...
متن کاملGeneral Equilibrium in Economies with Infinite Dimensional Commodity Spaces
Mostly in ̄nite dimensional economies can be considered limits of ̄nite dimensional economies, in particular when we think of time or product di®erentiation. We investigate conditions under which sequences of quasi-equilibria in ̄nite dimensional economies converge to a quasi-equilibrium in the in ̄nite dimensional economy. It is shown that convergence indeed occurs if the usual continuity assump...
متن کاملEconomies with a measure space of agents and a separable commodity space
We prove the existence of an equilibrium in an economy with a measure space of agents and a separable Banach commodity space whose positive cone admits an interior point. We follow the truncation argument given at the end of Yannelis [Yannelis, N.C., 1987. Equilibria in noncooperative models of competition, J. Econ. Theory 41, 96–111] and the abstract economy approach as in Shafer [Shafer, W., ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید
ثبت ناماگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید
ورودعنوان ژورنال:
- SIAM Journal on Optimization
دوره 25 شماره
صفحات -
تاریخ انتشار 2015