Hierarchic competitive equilibria
A definiton of a competitive equilibrium concept called by the author as hierarchic equilibrium is given at the beginning of the paper. A hierarchic equilibrium is a kind of dividend equilibrium using hierarchic prices which generalize the notion of exchange rates. Further the author studies an easy special case of hierarchic equilibria and gives an interpretation of hierarchic equilibria in terms of dividend equilibria of economies with small indivisibilities. Author shows that under standard assumptions ensuring the existense of Walras equilibrium the hierarchic equilibrium reduces to Walras equilibrium. It is also shown that hierarchic equilibria are weakly Pareto optimal and analog of the second Welfare theorem is given without the usual border condition and existence of a Pareto optimal hierarchic equilibrium is proven under additional assumption. A core equivalence result is established at the end of the paper.
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