Variational inequalities, maximal elements and economic equilibria
Let a choice set \(X \subseteq \mathbb{R}^C\) , with \(C \in \mathbb{N}\), a constraint set \(K \subseteq X\), a preference relation \(\succeq\) on \(X\), and the strictly preference set-valued map \(P: X \rightrightarrows X\) defined by \(P(x) = \{z \in X: z \succ x\}\). A point \(\overline{x} \in K\) is a maximal element for \(P\) on \(K\) if \(P(\overline{x}) \cap K = \emptyset\). In that case, it said that \(\overline{x}\) solves problem \(\mathrm{M} (K, P)\). Define the set-valued function \(G: X \rightrightarrows \mathbb{R}^C\), by \(G(x) = \operatorname{conv} \{h \in \mathbb{R}^C: \|h \| =1, \langle h, z - x \rangle \leq 0. \;\forall z \in P(x)\}\). Consider now the following generalized variational inequality problem \(\mathrm{GVI}(K, G)\): Find \(\overline{x} \in K\) such that \(\exists h \in G(\overline{x})\) such that \(\langle h, x - \overline{x} \rangle \geq 0\), \(\forall x \in K\). In the paper, the authors provide conditions under which the solution sets of the problems \(\mathrm{M}(K, P)\) and \(\mathrm{GVI}(K, G)\) coincide and are nonempty. Then, they use the obtained results to get a proof of existence of equilibria in an exchange economy model.
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