Template-Type: ReDIF-Paper 1.0
Author-Name: Konovalov, A.
Author-Name-Last: Konovalov
Author-Name-First: Alexander
Author-Name: Marakulin, V.
Author-Name-Last: Marakulin
Title: Generalized equilibrium in an economy without the survival assumption
Abstract: It is well known that an equilibrium in the Arrow-Debreu model may fail to exist if a very restrictive condition called the survival assumption is not satisfied. We study two approaches that allow for the relaxation of this condition. Danilov and Sotskov (1990), and Florig (2001) developed a concept of a generalized equilibrium based on a notion of hierarchic prices.  Marakulin (1990) proposed a concept of an equilibrium with non-standard prices. In this paper, we establish the equivalence between non-standard and hierarchic equilibria. Furthermore, we show that for any specified system of dividends the set of such equilibria is generically finite. We also provide a generic characterization of hierarchic equilibria and give an easy proof of the core equivalence result.
Creation-Date: 2002-12-16
File-URL: https://repub.eur.nl/pub/537/feweco20021216130138.pdf
File-Format: application/pdf
Series: RePEc:ems:eureir
Number: EI 2002-49
Keywords: Competitive equilibrium, Constrained equilibrium, Hierarchic price, Non-standard analysis, Satiation
Handle: RePEc:ems:eureir:537