S-Space College of Social Sciences (사회과학대학) Institute of Economics Research (경제연구소) Seoul Journal of Economics Seoul Journal of Economics vol.14(2) (Summer 2001)
Competitive Equilibrium with Non-Concavifiable Preferences
- Won, Dongchul
- Issue Date
- Seoul Journal of Economics, Vol.14 No.2, pp. 127-152
- 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.