Discussion Paper

No. 2011-47 | November 22, 2011
Existence of Exact Walrasian Equilibria in Non Convex Economies

Abstract

The existence of an exact Walrasian equilibrium in non convex economies is still a largely unexplored issue. In this paper an existence result for exact equilibrium in non convex economies is provided by following the “almost-near” approach introduced by Postlewaite and Schmeidler for convex economies. More precisely, we show that for any non convex economy there is a set of “perturbed” economies with the same number of agents exhibiting an exact Walrasian equilibrium; moreover as the number of agents tends to infinity the perturbed economies can be chosen as much close as we like to the original one.

JEL Classification:

C62, D51

Assessment

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Links

Cite As

Antonio D’Agata (2011). Existence of Exact Walrasian Equilibria in Non Convex Economies. Economics Discussion Papers, No 2011-47, Kiel Institute for the World Economy. http://www.economics-ejournal.org/economics/discussionpapers/2011-47


Comments and Questions


Anonymous - Referee Report 1
January 31, 2012 - 15:49

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Anonymous - Referee Report 2
February 22, 2012 - 11:37

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Antonio D'Agata - Reply to Referee Report 1 + 2
March 07, 2012 - 09:05

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