Ownership structure and efficiency in large economies (Q447527): Difference between revisions

With Hart's classical result [\textit{O. D. Hart}, Econometrica 47, 1057--1083 (1979; Zbl 0418.90008)] in the background, the main point of this paper is, to give a frame (a suitable topology on the space of production economies) and conditions (esp. for ownership structures) such that the behavior of sequences of large economies and suitable limit economies can be considered. It is shown, that Hart's assumption ``all agents are typical'' is very restrictive and a new proof of his result is given without the mentioned condition. From this some general convergence theorems are proved containing conditions, such that (e.g.) in the limit economy \(E\) there is a profit maximizing production plan \(y\) (at prices \(p\), where \(p\) is a unique equilibrium price associated with \(y\) in \(E\)).