TY - JOUR

T1 - On the continuity of the Walras correspondence in distributional economies with an infinite-dimensional commodity space

AU - Cea-Echenique, Sebastián

AU - Fuentes, Matías

N1 - Publisher Copyright:
© 2024 Elsevier B.V.

PY - 2024/5

Y1 - 2024/5

N2 - Distributional economies are defined by a probability distribution in the space of characteristics where the commodity space is an ordered separable Banach space. We characterize the continuity of the equilibrium correspondence and an associated stability concept which allows us to give a positive answer to an open question about the continuity of the Walras correspondence in infinite-dimensional spaces. As a byproduct, we study a stability concept where differentiability assumptions are not required, as is usual in the literature on regularity. Moreover, since distributional economies do not specify a space of agents, our setting encompasses several results in the literature on large economies.

AB - Distributional economies are defined by a probability distribution in the space of characteristics where the commodity space is an ordered separable Banach space. We characterize the continuity of the equilibrium correspondence and an associated stability concept which allows us to give a positive answer to an open question about the continuity of the Walras correspondence in infinite-dimensional spaces. As a byproduct, we study a stability concept where differentiability assumptions are not required, as is usual in the literature on regularity. Moreover, since distributional economies do not specify a space of agents, our setting encompasses several results in the literature on large economies.

KW - Distributional economies

KW - Equilibrium correspondence continuity

KW - Essential stability

KW - Infinite-dimensional spaces

UR - http://www.scopus.com/inward/record.url?scp=85188729768&partnerID=8YFLogxK

U2 - 10.1016/j.mathsocsci.2024.03.005

DO - 10.1016/j.mathsocsci.2024.03.005

M3 - Article

AN - SCOPUS:85188729768

SN - 0165-4896

VL - 129

SP - 61

EP - 69

JO - Mathematical Social Sciences

JF - Mathematical Social Sciences

ER -