Relaxed large economies with infinite-dimensional commodity spaces: the existence of Walrasian equilibria
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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 -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.
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Cited in
(14)- Characterization and incentive compatibility of Walrasian expectations equilibrium in infinite dimensional commodity spaces
- Walras allocations in infinite dimensional economies
- The Walrasian objection mechanism and Mas-Colell's bargaining set in economies with many commodities
- An infinite dimensional purification principle without saturation
- The necessity of nowhere equivalence
- Relaxation and purification for nonconvex variational problems in dual Banach spaces: the minimization principle in saturated measure spaces
- On the continuity of the Walras correspondence in distributional economies with an infinite-dimensional commodity space
- On the existence of Walrasian equilibrium in large-square economies
- Competitive equilibria of a large exchange economy on the commodity space ℓ∞
- Equilibria in a large production economy with an infinite dimensional commodity space and price dependent preferences
- 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
- The one-way Fubini property and conditional independence: an equivalence result
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