A Theory of Value with Non-linear Prices: Equilibrium Analysis beyond Vector Lattices
نویسندگان
چکیده
This paper presents a new theory of value with a personalized pricing system that naturally induces a family of non-linear prices. This affords a coordinate free theory of value in which the analysis is without any lattice theoretic considerations. When commodity bundles are perfectly decomposable the generalized prices become linear and the analysis specializes to the Walrasian model. This happens, for instance, whenever the commodity space is a vector lattice and consumption sets coincide with the positive cone. Our approach affords theorems on the existence of equilibrium and provides a value-based characterization of Pareto optimality and doi:10.1006 jeth.2000.2721, available online at http: www.idealibrary.com on
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عنوان ژورنال:
- J. Economic Theory
دوره 100 شماره
صفحات -
تاریخ انتشار 2001