Recall that in general equilibrium a commodity is defined not only by its physical properties but also by the date, the location and the state of nature that precise the conditions of its availability. The classical general equilibrium model hypothesis of a finite number of commodities, maintained in Chapters 2, 3 and 4, implies that the economic activity extends over only finitely many dates, locations and events. Such an hypothesis, contrary to the framework of many applied models of location, growth and finance, limits dramatically the application of the results to understanding the real economic life.
KeywordsRiesz Space Order Vector Space Equilibrium Existence Commodity Space General Equilibrium Analysis
Unable to display preview. Download preview PDF.