Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/57824
Authors: 
D'Agata, Antonio
Year of Publication: 
2012
Citation: 
[Journal:] Economics: The Open-Access, Open-Assessment E-Journal [Volume:] 6 [Issue:] 2012-12 [Pages:] 1-16
Abstract: 
The existence of an exact Walrasian equilibrium in nonconvex economies is still a largely unexplored issue. This paper shows that such an equilibrium exists in nonconvex economies by following the nearby economyapproach introduced by Postlewaite and Schmeidler (Approximate Walrasian Equilibrium and Nearby Economies, 1981) for convex economies. More precisely, the paper shows that any equilibrium price of the convexified version of a nonconvex economy is an equilibrium price also for a set of perturbed economies with the same number of agents. It shows that in this set there are economies that differ from the original economy only as regards preferences or initial endowments.
Subjects: 
Exact Walrasian equilibrium
nonconvex economies
perturbed economies
JEL: 
C62
D51
Persistent Identifier of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by-nc/2.0/de/deed.en
Document Type: 
Article

Files in This Item:
File
Size
215.78 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.