On the existence of equilibria in economies with infinitely many commodities and without ordered preferences (Q796428): Difference between revisions

Existence of Walrasian equilibrium has been proved in economies with a finite set of commodities and with (strong) preferences that are only irreflexive and satisfy some continuity assumption, by \textit{D. Gale} and \textit{A. Mas-Colell} [J. Math. Econ. 2, 9-15 (1975; Zbl 0324.90010)] and in other papers. Existence has also been proved in economies with infinitely many commodities, but with ordered preferences (a weak preference that is complete and transitive) which are continuous, by \textit{T. Bewley} [J. Econ. Theory 4, 514-540 (1972)]. The author combines the two results and proves existence for economies with infinitely many commodities and with irreflexive preferences, satisfying a continuity assumption and some weak form of convexity, hence the assumptions on preference remain a bit stronger than the ones in Gale/Mas-Colell [loc. cit.] and related papers. The commodity set is, as in Bewley [loc. cit.], the set of measurable functions on a measure space (M,m,\(\mu)\). The proof uses a fixed point theorem due to Browder.