SHERP

Competitive Equilibrium with Non-Concavifiable Preferences

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Authors
Won, Dongchul
Issue Date
2001
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 14 (No. 2 2001): 127-152
Keywords
competitive equilibrium; No free lunch; Non-concavifiable preference
Abstract
The no free lunch condition is neither necessary nor sufficient for the utility set to be closed and bounded in asset markets where the preferred sets do not have the same recession cone. This paper characterizes the utility set with non-concavifiable preferences and provides the existence of competitive equilibrium when the set of efficient allocations is not necessarily bounded.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1245
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.14(2) (Summer 2001)
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