Equilibria without the survival assumption [An article from: Journal of Mathematical Economics] | ![Equilibria without the survival assumption [An article from: Journal of Mathematical Economics]](http://ecx.images-amazon.com/images/I/51G1ZN30ZNL._SL160_.jpg)
 enlarge | Authors: A. Konovalov, V. Marakulin
Publisher: Elsevier
Category: Book
Buy New: $10.95
Format: Html
Media: Digital
Pages: 17
Publication Date: April 1, 2006
Availability: Available for download now
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This digital document is a journal article from Journal of Mathematical Economics, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
It is well known that an equilibrium in the Arrow-Debreu model may fail to exist if a very restrictive condition called the survival assumption is not satisfied. We study two approaches that allow for the relaxation of this condition. Danilov and Sotskov [Danilov, V.I., Sotskov, A.I., 1990. A generalized economic equilibrium. Journal of Mathematical Economics 19, 341-356], and Florig [Florig, M., 2001. Hierarchic competitive equilibria. Journal of Mathematical Economics 35, 515-546] developed a concept of a generalized equilibrium based on a notion of hierarchic prices. Marakulin [Marakulin, V., 1988. An equilibrium with nonstandard prices and its properties in mathematical models of economy. Discussion Paper No. 18. Institute of Mathematics, Siberian Branch of the USSR Academy of Sciences, Novosibirsk, 51 pp. (in Russian); Marakulin, V., 1990. Equilibrium with nonstandard prices in exchange economies. In: Quandt, R., Triska, D. (Eds.), Optimal Decisions in Market and Planned Economies. Westview Press, London, pp. 268-282] proposed a concept of an equilibrium with non-standard prices. In this paper, we establish the equivalence between non-standard and hierarchic equilibria. Furthermore, we show that for any specified system of dividends the set of such equilibria is generically finite. As a consequence, we have generic finiteness of Mas-Colell's equilibria with slack, uniform dividend equilibria, and other special cases of our concept.
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