Equilibrium existence theorems of abstract economics in \(H\)-spaces (Q1323270): Difference between revisions

Let \(\{X_ i\mid i\in I\}\) be a family of topological spaces and let \(D_ i\) \((i\in I)\) be a nonempty compact subset of \(X_ i\). A multivalued mapping \(T_ i: \prod_{i\in I} X_ i\to 2^{D_ i}\) is assumed to be given for each \(i\in I\). The first target of the paper is to establish a sufficient condition which guarantees the existence of a point \(\widehat x\in \prod_{i\in I} X_ i\) such that \(\widehat x\in \prod_{i\in I} T_ i(\widehat x)\). If each \(X_ i\) is a compact convex subset of a locally convex Hausdorff topological vector space and each \(T_ i\) is a compact-convex-valued upper semi-continuous mapping, then the existence of \(\widehat x\) follows immediately from Fan-Glicksberg's fixed point theorem. The author successfully dispensed with the vector space structure and the convexity assumption to establish a fixed point theorem for the mapping \(\prod_{i\in I} T_ i\) by making use of the theory of \(H\)-space. The second target is an existence proof of economic equilibria through an application of this fixed point theorem. An economy is described by a family of quadruples \((X_ i,P_ i,Q_ i,B_ i)\) \((i\in I)\), where \(X_ i\) is a strategy set, and each of \(P_ i\) (preference), \(Q_ i\) (constraint), and \(B_ i\) (constraint) is a multivalued mapping of the form \(\prod_{i\in I} X_ i\to 2^{X_ i}\). Then an equilibrium of the economy is a point \(\widehat x= (\widehat x_ i)_{i\in I}\in \prod_{i\in I} X_ i\) such that \(\widehat x_ i\in B_ i(\widehat x)\) and \(Q_ i(\widehat x)\cap P_ i(\widehat x)=\emptyset\) for each \(i\in I\).