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Article Dans Une Revue Journal of Mathematical Economics Année : 2005

On the existence of approximated equilibria in discontinuous economies

Résumé

In this paper, we prove an existence theorem for approximated equilibria in a class of discontinuous economies. The existence result is a direct consequence of a discontinuous extension of Brouwer's fixed point Theorem (1912), and is a refinement of several classical results in the standard General Equilibrium with Incomplete markets (GEI) model (e.g., Bottazzi (1995),
Duffie and Shafer (1985), Husseini et al. (1990), Geanakoplos and Shafer (1990), Magill and Shafer (1991)). As a by-product, we get the first existence proof
of an approximated equilibrium in the GEI model, without perturbing the asset structure nor the endowments. Our main theorem rests on a new topological structure result for the asset equilibrium space and may be of interest by itself.
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Dates et versions

halshs-00287685 , version 1 (12-06-2008)

Identifiants

Citer

Philippe Bich. On the existence of approximated equilibria in discontinuous economies. Journal of Mathematical Economics, 2005, 41 (4-5), pp.463-481. ⟨10.1016/j.jmateco.2004.12.003⟩. ⟨halshs-00287685⟩

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