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An Axiomatization of the Walras Correspondence in Infinite Dimensional Spaces

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  • Majumdar, Mukul
  • Peleg, Bezalel

Abstract

This paper presents a generalization of earlier results on the axiomatization of the Walras correspondence to generalized (pure exchange) economies, where the commodity space is the positive cone in an ordered locally convex topological vector space. The authors' main result characterizes the Walras correspondence completely over an 'acceptable' class of economies in terms of consistency, converse consistency, and weak versions of Pareto optimality and nonemptiness. Important examples of economies that are 'acceptable' are given in detail. Copyright 1997 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Majumdar, Mukul & Peleg, Bezalel, 1997. "An Axiomatization of the Walras Correspondence in Infinite Dimensional Spaces," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(4), pages 853-864, November.
    • Handle: RePEc:ier:iecrev:v:38:y:1997:i:4:p:853-64
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