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Erschienen in:
2000 | OriginalPaper | Buchkapitel
The Limits of the Economy
verfasst von : Prof. Dr. Antonio Villar
Erschienen in: Equilibrium and Efficiency in Production Economies
Verlag: Springer Berlin Heidelberg
Enthalten in: Professional Book Archive
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The existence of equilibrium in production economies has been shown assuming, among other things, that the set of attainable allocations is compact. Even though this is a very reasonable property, it has been introduced as an axiom rather than as a consequence of some primitive assumptions on production and consumption sets. We deal with this point here, analyzing in detail conditions under which the aggregate consumption and production sets are closed, and the set of feasible allocations is compact.