Equilibria in a large economy with externalities, non-convex preferences and an infinite-dimensional commodity space via relaxation

By employing a saturated measure space for the set of agents, we take a convexification by randomization approach to prove the existence of competitive equilibria in a large economy with externalities and an infinite-dimensional commodity space without convex preferences. • A relaxed equilibrium existence result for a large relaxed economy • Obtaining an equilibrium for a large economy by purifying its relaxed one • Equilibrium existence results for price and consumption externalities.

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Publication Details

Journal
Economics Letters
Published
2024-11-28
DOI
https://doi.org/10.1016/j.econlet.2024.112086
Primary Topic
Economic theories and models
Type
article
Field-Weighted Citation Impact
0.00

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article

Equilibria in a large economy with externalities, non-convex preferences and an infinite-dimensional commodity space via relaxation

Sangjik Lee, Hyo Seok Jang
Economics Letters
Economic theories and models
article

Equilibria in a large economy with externalities, non-convex preferences and an infinite-dimensional commodity space via relaxation

Sangjik Lee, Hyo Seok Jang
article en

Abstract

By employing a saturated measure space for the set of agents, we take a convexification by randomization approach to prove the existence of competitive equilibria in a large economy with externalities and an infinite-dimensional commodity space without convex preferences. • A relaxed equilibrium existence result for a large relaxed economy • Obtaining an equilibrium for a large economy by purifying its relaxed one • Equilibrium existence results for price and consumption externalities.

Economics LettersVol. 246
Seoul National University (KR), Hankuk University of Foreign Studies (KR)
Hankuk University of Foreign Studies
Decent work and economic growth
Openalex Percentile: Top 74%
Economic theories and models
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