The cone condition, properness, and extremely desirable commodities
This paper links two conditions which have generated some interest in the literature and have an important role in proving the existence of an equilibrium, the second welfare theorem and the core equivalence theorem in infinite-dimensional commodity spaces: These are the cone condition introduced in Chichilnisky and Kalman (1980), and the properness condition in Mas-Colell (1986), which were studied also by Yannelis and Zame (1986), Chichilnisky and Heal (1984, 1992), and Rustichini and Yannelis (1991) among others. This paper establishes that these two conditions are one and the same. Indeed, the cone condition coincides also with the assumption of an extremely desirable commodity used in Yannelis and Zame (1986) and Rustichini and Yannelis (1991). The motivation for studying these conditions comes from the same economic application, showing the need to bring within the scope of equilibrium theory commodity spaces whose positive orthants have empty interior, a typical situation in infinite-dimensional linear spaces.
- Cone conditions in general equilibrium theory
- Proper preferences and quasi-concave utility functions
- Edgeworth's conjecture in economies with a continuum of agents and commodities
- Core equivalence theorem: countably many types of agents and commodities in \(L^1(\mu)\)
- Cone conditions in oligopolistic market models.
- Application of functional analysis to models of efficient allocation of economic resources
- Competitive equilibrium in Sobolev spaces without bounds on short sales
- Edgeworth equilibria in production economies
- Edgeworth's conjecture in economies with a continuum of agents and commodities
- Equilibria in Banach lattices without ordered preferences
- Existence and Characterization of Optimal Growth Paths Including Models with Non-Convexities in Utilities and Technologies
- Existence of optimal savings policies with imperfect information and non- convexities
- scientific article; zbMATH DE number 4087381 (Why is no real title available?)
- scientific article; zbMATH DE number 43981 (Why is no real title available?)
- Nonlinear functional analysis and optimal economic growth
- The fundamental theorems of welfare economics without proper preferences
- The Price Equilibrium Existence Problem in Topological Vector Lattices
- The topology of fear
- Proper preferences and quasi-concave utility functions
- Edgeworth's conjecture in atomless economies with a non-separable commodity space
- Separable utility functions
- Cone conditions in general equilibrium theory
- Cone conditions in oligopolistic market models.
- Complete characterization of Yannelis-Zame and Chichilnisky-Kalman-Mas-Colell properness conditions on preferences for separable concave functions defined in \(L_ +^ p\) and \(L^ p\)
- Production equilibria in locally proper economies with unbounded and unordered consumers
- Social decision for a measure society
- Finitely additive exchange economies with properness allocation
- Increasing cones, recession cones and global cones
- Sustainable markets with short sales
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