The general existence of extended price equilibria with infinitely many commodities

Abstract

This paper deals with the existence of equilibria with infinitely many goods. Its main goal is to show that when restricted to the set of feasible allocations there exists an economically meaningful price (in the sense that a price in L1 is economically meaningful but a purely finitely additive measure is not). We cover both the L(p) (1 less-than-or-equal-to p less-than-or-equal-to infinity) and M(K) cases. (C) 1994 Academic Press, Inc.