CFDP 784

Edgeworth Equilibria in Production Economies

Author(s): 

Publication Date: March 1986

Pages: 42

Abstract: 

An Edgeworth equilibrium is an allocation that belongs to the core of every n-fold replica of the economy. In [2] we studied in the setting of Riesz spaces the properties of Edgeworth equilibria for pure exchange economies with infinite dimensional commodity spaces. In this work, we study the same problem for economies with production. Under some relatively mild conditions we establish (among other things) that: 1. Edgeworth equilibria exist; 2. Every Edgeworth equilibrium is a quasiequilibrium; and 3. An allocation is an Edgeworth equilibrium if and only if it can be “decentralized” by a price system.

Keywords: 

Edgeworth equilibrium, Riesz spaces, production economies

JEL Classification Codes:  021

See CFP: 700