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Economic Equilibrium: Optimality and Price Decentralization |
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| Authors: | Aliprantis CD Cornet B Tourky R |
| Institution: | (1) Department of Economics, Purdue University, West Lafayette, IN 47907–1310, USA;(2) CERMSEM, Maison des Sciences Economiques, Université Paris I, 106–112 Boulevard de l'Hopital, 75645 Paris Cedex 13, France;(3) Department of Economics, University of Melbourne, Melbourne, VIC, 3010, Australia |
| Abstract: | Mathematical economics has a long history and covers many interdisciplinary areas between mathematics and economics. At its center lies the theory of market equilibrium. The purpose of this expository article is to introduce mathematicians to price decentralization in general equilibrium theory. In particular, it concentrates on the role of positivity in the theory of convex economic analysis and the role of normal cones in the theory of non-convex economies. |
| Keywords: | equilibrium Pareto optimum supporting price properness marginal cost pricing vector lattice ordered vector space Riesz– Kantorovich formula normal cone separation theorem |
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