Boundary behavior of excess demand and existence of equilibrium
Date
1999
Authors
Hüsseinov, F.
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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
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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.