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Equilibria for Pure Exchange Infinite Economies in the Sense of Incomplete Preference

Author

Listed:
  • Jinqing Zhang

    (Institute for Financial Studies, Fudan University
    Department of Applied Mathematics, Shandong Finance Institute)

Abstract

In this paper, we introduce a new concept of incomplete preference and cover the known ordering relations such preferences as in economics and semiorder in mathematics. In the sense of the incomplete preference, we obtain a principle of maximal consumption allocations, by which, for a pure exchange economy with infinitely many commodities and infinitely countable agents, we first prove the existence of a quasi-equilibrium, and then conclude that such a quasi-equilibrium can be extended to a general equilibrium of this economy if incomplete preferences are proper in a suitable way.

Suggested Citation

  • Jinqing Zhang, 2003. "Equilibria for Pure Exchange Infinite Economies in the Sense of Incomplete Preference," Annals of Economics and Finance, Society for AEF, vol. 4(2), pages 359-373, November.
    • Handle: RePEc:cuf:journl:y:2003:v:4:i:2:p:359-373
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Incomplete preferences; Infinite economies; Maximal consumption allocations; Equilibria;
    All these keywords.

    JEL classification:

    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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