KER
Satiation and Equilibrium in Unbounded Exchange Economies
Guangsug Hahn (POSTECH) and Dong Chul Won (Ajou University)발행년도 2009Vol. 25No. 2
초록
We show the existence of equilibrium in an economy where preferences may be non-ordered, satiated, and consumption sets need not be bounded from below. Satiation is allowed to occur inside the set of attainable and individually rational allocations. The paper provides a unified approach to the classical general equilibrium theory with non-ordered preferences, the arbitrage-based literature with unbounded choice sets, and the asset pricing models with satiated preferences.