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      • Department of Economics
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      Boundary behavior of excess demand and existence of equilibrium

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      Author
      Hüsseinov, F.
      Date
      1999
      Source Title
      Journal of Economic Theory
      Print ISSN
      0022-0531
      Electronic ISSN
      1095-7235
      Publisher
      Academic Press
      Volume
      87
      Issue
      2
      Pages
      434 - 449
      Language
      English
      Type
      Article
      Item Usage Stats
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      Abstract
      This paper presents a market equilibrium existence theorem that generalizes and unifies many well-known results. The importance of the theorem is illustrated by applications to large exchange economics. A further extension of Aumann's Existence theorem is obtained which dispenses with the monotony assumption on preferences. In addition the market equilibrium results of Grandmont and Neuefeind are compared. It is shown that the boundary condition of Grandmont's result is equivalent to some natural relaxation of Neuefeind's. In the case of two commodities they are equivalent but for a greater number of commodities Neuefeind's condition is stronger. (C) 1999 Academic Press.
      Keywords
      Equilibrium existence
      Boundary behavior
      Equilibrium
      Permalink
      http://hdl.handle.net/11693/11082
      Published Version (Please cite this version)
      http://dx.doi.org/10.1006/jeth.1999.2547
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      • Department of Economics 649
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