Linear and non-linear price decentralization

Charalambos D. Aliprantis*, Monique Florenzano, Rabee Tourky

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

17 Citations (Scopus)


Compendious and thorough solutions to the existence of a linear price equilibrium problem, the second welfare theorem, and the limit theorem on the core are provided for exchange economies whose consumption sets are the positive cone of arbitrary ordered Fréchet spaces - Dispensing entirely with the assumption that the vector ordering of the commodity space is a lattice. The motivation comes from economic applications showing the need to bring within the scope of equilibrium theory vector orderings that are not lattices, which arise in the typical model of portfolio trading with missing options. The assumptions are on the primitives of the model. They are bounds on the marginals of non-linear prices and for ω-proper economies they are both sufficient and necessary.

Original languageEnglish
Pages (from-to)51-74
Number of pages24
JournalJournal of Economic Theory
Issue number1
Publication statusPublished - Mar 2005
Externally publishedYes


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