The goal of this paper is to provide some new cooperative characterizations and optimality properties of competitive equilibria supported by non-linear prices. The general framework is that of economies whose commodity space is an ordered topological vector space which need not be a vector lattice. The central notion of equilibrium is the one of personalized equilibrium introduced by Aliprantis et al. (J Econ Theory 100:22–72, 2001). Following Herves-Beloso and Moreno-Garcia (J Math Econ 44:697–706, 2008), the veto power of the grand coalition is exploited in the original economy and in a suitable family of economies associated to the original one. The use of Aubin coalitions allows us to connect results with the arbitrage free condition due to non-linear supporting prices. The use of rational allocations allows us to dispense with Lyapunov convexity theorem. Applications are provided in connection with strategic market games and economies with asymmetric information.
Positivity – Springer Journals
Published: Aug 31, 2012
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