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The Principle of Equivalence

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Book cover Equilibrium Theory in Infinite Dimensional Spaces

Part of the book series: Studies in Economic Theory ((ECON.THEORY,volume 1))

Abstract

A general principle of obtaining equivalence of core and quasiWalrasian allocations in nonatomic markets with an infinite number of commodities is formulated through four ingredients: the set of arbitrage, the coalitional representation, the space of allocations and the (weak) Lyapunov Convexity Theorem.

Special thanks are due to T. Armstrong for correcting an error in definitions; to A. Khan for helping me in the literature; to N. Yannelis for showing me his unpublished work; and to W. Zame and J. Ostroy for fruitful discussions I had with them. Thanks are also due to the referee for correcting many errors. All remaining errors are my responsibility.

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Authors
  1. Harrison H. C. Cheng
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Editors and Affiliations

  1. The Johns Hopkins University, 21218, Baltimore, MD, USA

    M. Ali Khan

  2. Department of Economics, University of Illinois at Urbana-Champaign, 61820, Champaign, IL, USA

    Nicholas C. Yannelis

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© 1991 Springer-Verlag Berlin Heidelberg

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Cheng, H.H.C. (1991). The Principle of Equivalence. In: Khan, M.A., Yannelis, N.C. (eds) Equilibrium Theory in Infinite Dimensional Spaces. Studies in Economic Theory, vol 1. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-07071-0_8

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  • DOI: https://doi.org/10.1007/978-3-662-07071-0_8

  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-642-08114-9

  • Online ISBN: 978-3-662-07071-0

  • eBook Packages: Springer Book Archive

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