Abstract
A new condition is introduced for the existence of equilibrium for an economy where preferences need not be transitive or complete and the consumption set of each agent need not be bounded from below. The new condition allows us to extend the literature in two ways. First, the result of the paper can cover the case where the utility set for individually rational allocations may not be compact. As illustrated in Page et al. [Page Jr., F.H., Wooders, M.H., Monteiro, P.K., 2000. Inconsequential arbitrage. Journal of Mathematical Economics 34, 439–469], the no arbitrage conditions do not apply to an economy with a non-compact utility set. Second, we generalize the arbitrage-based equilibrium theory to the case of non-transitive preferences.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
