تمرکز زدایی قیمت خطی و غیر خطی

Compendious and thorough solutions to the existence of a linear price equilibrium problem, the second welfare theorem, and the limit theorem on the core are provided for exchange economies whose consumption sets are the positive cone of arbitrary ordered Fréchet spaces—dispensing entirely with the assumption that the vector ordering of the commodity space is a lattice. The motivation comes from economic applications showing the need to bring within the scope of equilibrium theory vector orderings that are not lattices, which arise in the typical model of portfolio trading with missing options. The assumptions are on the primitives of the model. They are bounds on the marginals of non-linear prices and for ω-proper economies they are both sufficient and necessary.

The second half of the 20th century sawan explosion of interest in theWalrasian model of general equilibrium. Foundational results include the existence of at least one competitive equilibrium, the characterization of valuation equilibria as efficient allocations, and the characterization of competitive equilibria as Edgeworth equilibriaFor several decades a primary research program in general equilibrium theory has been to establish the classical theorems on price decentralization and the price equilibrium existence problem in a context sufficiently general to encompass as particular instances the important general equilibrium models which arise in applications. This program was well articulated by Mas-Colell [33]. The idea is to separate the very difficult mathematical problems associated with price decentralization from their applications. The principal contributors to this program are, of course, Mas-Colell [33] and Mas- Colell and Richard [34]. In those papers the authors replace the pervasive finite dimensional assumption on the interiority of endowments in consumption sets with two requirements

This work has benefited from the comments of an anonymous referee. The paper was prepared during visits of Aliprantis to CERMSEM, of Aliprantis and Florenzano to the Economic Theory Centre of the University of Melbourne, and of Florenzano and Tourky to Purdue University. The hospitality of these institutions is gratefully acknowledged. The research of Aliprantis is supported by the NSF Grants EIA-0075506, SES-0128039 and DMI-0122214 and the DOD Grant ACI-0325846. The research of R. Tourky is funded by the Australian Research Council Grant A00103450.