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Mas-Colell Price Equilibrium Existence Theorem the Case of Smooth Disposal

Author

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  • Monteiro, P.K.
  • Tourky, R.

Abstract

This paper presents a surprising example. It shows that lattice theoretic properties in Mas-Colell's (1986) seminal work are relevant to the existence of equilibrium problem even when commodity space is finite dimensional. The paper provides an example of an economy with three commodities and two consumers. In this example, all of Mas-Colell's assumptions hold expect that the ordering of the commodity space is not a lattice. However, in our economy there is no Walrasian equilibrium and the second theorem of welfare economics fails. Ordered commodity spaces that are not vector lattice arise naturally when there are constraints on disposal technologies ; examples include waste discharge restrictions and pollution disposal.

Suggested Citation

  • Monteiro, P.K. & Tourky, R., 2000. "Mas-Colell Price Equilibrium Existence Theorem the Case of Smooth Disposal," Papiers d'Economie Mathématique et Applications 2000.82, Université Panthéon-Sorbonne (Paris 1).
    • Handle: RePEc:fth:pariem:2000.82
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    Citations

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    Cited by:

    1. Achille Basile & Maria Gabriella Graziano, 2012. "Core Equivalences for Equilibria Supported by Non-linear Prices," CSEF Working Papers 309, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    2. Aliprantis, Charalambos D. & Florenzano, Monique & Tourky, Rabee, 2004. "General equilibrium analysis in ordered topological vector spaces," Journal of Mathematical Economics, Elsevier, vol. 40(3-4), pages 247-269, June.

    More about this item

    Keywords

    CONSUMERS ; TECHNOLOGY ; PRICES;
    All these keywords.

    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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