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| Author: | Barut, Y. |
| Title: | Existence and efficiency of equilibrium in infinite economies with finite aggregate wealth |
| Journal: | Economic Theory
2000 : VOL. 15:2, p. 319-338 |
| Index terms: | EFFICIENCY EQUILIBRIUM ANALYSIS ECONOMIC CONDITIONS |
| Language: | eng |
| Abstract: | The authors prove the existence and efficiency of equilibrium in economies with infinitely many consumers in which there are finitely many agents who own a positive portion of the aggregate endowment. The authors prove existence for commodity spaces which are employed in the general equilibrium asset pricing models and use incomplete and intransitive preferences. They also discuss the importance of existence of finitely many agents who own a positive portion of the aggregate endowment in obtaining efficient equilibrium. |
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