Relaxed large economies with infinite-dimensional commodity spaces: the existence of Walrasian equilibria

DOI10.1016/J.JMATECO.2016.09.004zbMATH Open1368.91131arXiv1606.01648OpenAlexW2963017614MaRDI QIDQ343129FDOQ343129

Authors: M. Ali Khan, Nobusumi Sagara 

Publication date: 25 November 2016

Published in: Journal of Mathematical Economics (Search for Journal in Brave)

Abstract: Whereas "convexification by aggregation" is a well-understood procedure in mathematical economics, "convexification by randomization" has largely been limited to theories of statistical decision-making, optimal control and non-cooperative games. In this paper, in the context of classical Walrasian general equilibrium theory, we offer a comprehensive treatment of {it relaxed economies} and their {it relaxed Walrasian equilibria}: our results pertain to a setting with a finite or a continuum of agents, and a continuum of commodities modeled either as an ordered separable Banach space or as an $L^{i}nfty$-space. As a substantive consequence, we demonstrate that the convexity hypothesis can be removed from the original large economy under the saturation hypothesis, and that existing results in the antecedent literature can be effortlessly recovered.

Full work available at URL: https://arxiv.org/abs/1606.01648

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zbMATH Keywords

Lyapunov convexity theoremrelaxed controlsaturated measure spaceWalrasian equilibriumpurification principlerelaxed large economy

Mathematics Subject Classification ID

Vector-valued measures and integration (46G10) General equilibrium theory (91B50) Set-valued set functions and measures; integration of set-valued functions; measurable selections (28B20)

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Cited In (14)

• Characterization and incentive compatibility of Walrasian expectations equilibrium in infinite dimensional commodity spaces
• An infinite dimensional purification principle without saturation
• On the continuity of the Walras correspondence in distributional economies with an infinite-dimensional commodity space
• Walras allocations in infinite dimensional economies
• Equilibria in a large production economy with an infinite dimensional commodity space and price dependent preferences
• The one-way Fubini property and conditional independence: an equivalence result
• The necessity of nowhere equivalence
• Walrasian equilibrium theory with and without free-disposal: theorems and counterexamples in an infinite-agent context
• On the approximate purification of mixed strategies in games with infinite action sets
• Conditional expectation of Banach valued correspondences and economic applications
• Competitive equilibria of a large exchange economy on the commodity space ℓ∞
• The Walrasian objection mechanism and Mas-Colell's bargaining set in economies with many commodities
• On the existence of Walrasian equilibrium in large-square economies
• Relaxation and purification for nonconvex variational problems in dual Banach spaces: the minimization principle in saturated measure spaces

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