CALIFORNIA INSTITUTE of TECHNOLOGY L /D1
DIVISION OF THE HUMANITIES AND SOCIAL SCIENCES CALIFORNIA INSTITUTE OF TECHNOLOGY PASADENA. CALIFORNIA 91125 EQUILIBRIA IN MARKETS WITH A RIESZ SPACE OF COMMODITIES Charalambos D. Aliprantis California Institute of Technology Indiana University and Purdue University at Indianapolis and �c,1\lUTEOF Donald J. Brown California Institute of Technology � 1:, � Yale University _,, � t:::0 :5 �,.� ,.ct'� � l� /d1�\ i /'l\ \ lf1: ...� � Slf�LL IA"'�\. SOCIAL SCIENCE WORKING PAPER 427 June 1982 ABSTRACT Using the theory of Riesz spaces, we present a new proof of the existence of competitive equilibria for an economy having a Riesz space of commodities. 2 EQUILIBRIA IN .MARKETS WITH A RIESZ SPACE OF COMMODITIES production. In proving existence, n�wley considers Lm(µ) with the sup norm topology, and in this case the dual space is the vector space of 1 • INTRODUCTION all bounded additive functionals on Lm(µ). n In the Arrow-Debreu model of a Walrasian economy, [3] and [7], The spaces 1R and Lm(µ) in addition to being ordered linear the commodity space is :mn and the price space is :m:. where n is the vector spaces are also Riesz spaces or vector lattices. In fact, number of commodities. Agent's characteristics such as consumption considered as Banach spaces under the sup norm, they belong to the sets, production sets, utility functions, the price simplex, excess special class of Banach lattices, i. e. to the class of normed Riesz n demand functions, etc. are introduced in terms of subsets of 1R or spaces which are complete under their norms. In this paper, we 1R: or functions on 1Rn or 1R:.
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