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

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journal contribution
posted on 2013-05-13, 00:00 authored 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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