Equilibria in reflexive Banach lattices with a continuum of agents.

Abstract

We consider exchange economies with a measure space of agents and for which the commodity space is a separable and reflexive Banach lattice. Under assumptions imposing uniform bounds on marginal rates of substitution, positive results on core-Walras equivalence were established in Rustichini-Yannelis [27] and Podczeck [25]. In this paper we prove that under similar assumptions on marginal rates of substitution, the set of competitive equilibria (and thus the core) is non-empty.Competitive equilibria; Continuum of agents; Reflexive Banach lattice commodity spaces; Uniform properness;