The Existence of Maximal Elements: Generalized Lexicographic Relations
10 Pages Posted: 21 Mar 2011
Date Written: May 21, 2001
Abstract
In the present paper, the existence of maximal elements for binary relations are studied. Generalized lexicographic relations are introduced, and some results on existence of maximal elements are provided. A simple example shows that economies with "lexicographic consumers" need not have equilibria even though demand functions associated with generalized lexicographic relations may be continuous for positive prices.
Keywords: Maximal Elements, Binary Relations, Lexicographic Relations
JEL Classification: D11
Suggested Citation: Suggested Citation
Hougaard, Jens Leth and Tvede, Mich Palle, The Existence of Maximal Elements: Generalized Lexicographic Relations (May 21, 2001). University of Copenhagen Dept. of Economics Discussion Paper No. 01-05, Available at SSRN: https://ssrn.com/abstract=1791722 or http://dx.doi.org/10.2139/ssrn.1791722
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