Topological vector spaces admissible in economic equilibrium theory (Q2518335)

The underlying properties of spaces used in general equilibrium models influence the results obtained, especially the very fact of existence of equilibrium. The paper shows that in case of (not necessarily finite-dimensional) commodity space -- which is Hausdorff and vector topological space -- ordered by a convex and closed cone the necessary and sufficient conditions for existence of economic equiibria is that a class of order intervals is weakly compact and another class of order intervals is absorbing (their hull equals the whole space). The above characterization implies that the commodity space has the structure of Kakutani space. The style of presentation is concise and clear. Mathematical rigour serves explaining what tools (spaces) should be used as to keep the notion of economic equilibrium non-void.