The Limit Theorem on the Core of a Production Economy in Vector Lattices with Unordered Preferences
Posted: 15 Oct 1999
We prove Aliprantis, Brown, and Burkinshaw's (1987) theorem on the equivalence of Edgeworth production equilibria and pseudo-equilibria in a more general setting. We consider production economies with unordered preferences and general consumption sets in a vector lattice commodity space. We adapt the approach of Mas-Colell and Richard (1991) and prove our theorem by applying a separating hyperplane argument in the space of all allocations. We also generalize Podczeck's (1996) important result on the relationship between continuous and discontinuous equilibrium prices to the case of production.
JEL Classification: C62, C71, C51
Suggested Citation: Suggested Citation