Logo
Munich Personal RePEc Archive

On the Existence of Price Equilibrium in Economies with Excess Demand Functions

Tian, Guoqiang (2010): On the Existence of Price Equilibrium in Economies with Excess Demand Functions.

[thumbnail of MPRA_paper_57930.pdf]
Preview
PDF
MPRA_paper_57930.pdf

Download (98kB) | Preview

Abstract

This paper provides a price equilibrium existence theorem in economies where commodities may be indivisible and aggregate excess demand functions may be discontinuous. We introduce a very weak notion of continuity, called recursive transfer lower semi-continuity, which is weaker than transfer lower semi-continuity and in turn weaker than lower semicontinuity. It is shown that the condition, together with Walras’s law, guarantees the existence of price equilibrium in economies with excess demand functions. The condition is also necessary, and thus our results generalize all the existing results on the existence of price equilibrium in economies where excess demand is a function.

Atom RSS 1.0 RSS 2.0

Contact us: mpra@ub.uni-muenchen.de

This repository has been built using EPrints software.

MPRA is a RePEc service hosted by Logo of the University Library LMU Munich.