We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Core equivalences for equilibria supported by non-linear prices.
- Authors
Basile, Achille; Graziano, Maria
- Abstract
The goal of this paper is to provide some new cooperative characterizations and optimality properties of competitive equilibria supported by non-linear prices. The general framework is that of economies whose commodity space is an ordered topological vector space which need not be a vector lattice. The central notion of equilibrium is the one of personalized equilibrium introduced by Aliprantis et al. (J Econ Theory 100:22-72, ). Following Herves-Beloso and Moreno-Garcia (J Math Econ 44:697-706, ), the veto power of the grand coalition is exploited in the original economy and in a suitable family of economies associated to the original one. The use of Aubin coalitions allows us to connect results with the arbitrage free condition due to non-linear supporting prices. The use of rational allocations allows us to dispense with Lyapunov convexity theorem. Applications are provided in connection with strategic market games and economies with asymmetric information.
- Subjects
NONLINEAR pricing; EQUIVALENCE classes (Set theory); ORDERED linear topological spaces; EDGEWORTH expansions; LYAPUNOV functions; ARBITRAGE pricing theory
- Publication
Positivity, 2013, Vol 17, Issue 3, p621
- ISSN
1385-1292
- Publication type
Article
- DOI
10.1007/s11117-012-0195-3