Citation:
Peleg, Mukul Majumdar, and Bezalel. “An Axiomatization Of The Walras Correspondence In Infinite Dimensional Spaces”. Discussion Papers 1997. Web.
Abstract:
This paper presents a generalization of the results of van den Nouweland, Peleg and Tijs on the axiomatization of the Walras correspondence to generalized (pure exchange) economies where the commodity space is the positive cone in an ordered locally convex topological vector space. Our main result characterizes the Walras correspondence completely over an "acceptable" class of economies in terms of consistency, converse consistency, and weak versions of Pareto optimality and non-emptiness. Important examples of economies that are "acceptable" are given in detail.