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Existence and uniqueness of Arrow-Debreu equilibria with consumptions in L^0+

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posted on 13.05.2013, 00:00 by Dmitry KramkovDmitry Kramkov

We consider an economy where agents’ consumption sets are given by the cone L 0 + of non-negative measurable functions and whose preferences are defined by additive utilities satisfying the Inada conditions. We extend to this setting the results in Dana [1] on the existence and uniqueness of Arrow-Debreu equilibria. In the case of existence, our conditions are necessary and sufficient.

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13/05/2013

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