The general existence of extended price equilibria with infinitely many commodities (Q1332705): Difference between revisions

The main goal of this paper is to demonstrate that, when restricted to the set of feasible allocations there always exists an equilibrium price which has a concrete economic meaning. A theorem is presented which states that there exist equilibria to cover cases like \(L^p\) \((1\leq p< \infty)\), cases that are important for finance applications and for monopolistic competition, and cases like \(M(K)\), the measures on a compact set. Some properties of Riesz spaces are used and also the Riesz decomposition theorem. The three theorems presented are proving clearly that there exist equilibria with infinitely many goods. Theorem 1 deals with the case of \(L^p\) \((\Omega, A, \mu)\) and \((1\leq p< \infty)\), and Theorem 2 deals with the case of \(M(K)\). Theorem 3 treats the cases \(L^p\) and \(M(K)\) united. Finally, the general case is considered for \(E\) a topological vector lattice that replaces \(L^p\). Then, it is shown that it can be proved entirely analogous to Theorem 3 a general extended equilibrium with prices in \(L^1(K(W))= \{p\in E'; p\circ \Theta\in L'\}\). The demonstrations are accurately done and the bibliographical references are adequate and support the presentation of the paper.