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 -