Existence of general equilibrium in a prototype L1 economy

J.H. Geldrop, van, C.A.A.M. Withagen

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Abstract

It is often argued that in view of the second law of thermodynamics there is a limit to the total fl??ow of commodities produced over time.?? If that is correct the economy's commodity space is a (proper)?? subspace of the space of Lebesgue integrable functions??. This space poses serious problems in the literature on the existence of general equilibria in economies with in??finite dimensional commodity spaces??. It is shown in this paper that for a prototype model from the fi??eld of environmental/resource economics??, these problems can successfully be tackled by the use of a limit argument on equilibria in the truncated economies.
Original languageEnglish
Place of PublicationEindhoven
PublisherTechnische Universiteit Eindhoven
Number of pages19
Publication statusPublished - 1996

Publication series

NameMemorandum COSOR
Volume9619
ISSN (Print)0926-4493

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