An Equiljbrium Existence Theorem for a General Model without Ordered Preferences

  title={An Equiljbrium Existence Theorem for a General Model without Ordered Preferences},
  author={David Gale and Andreu Mas-Colell},
In a recent paper the second author has shown that some of the usual hypotheses on consumers’ preferences are not needed for the proof of existence of a Walrasian General Equilibrium [Mas-Cole11 (1974)]. Specifically, it is not necessary that preferences come from a preference ordering. The only order property required is irreflexivity (meaning that a given commodity bundle is not preferred to itself). The properties of non-satiation, continuity and convexity of preferred sets turn out to be… CONTINUE READING
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