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arxiv: 1611.02534 · v1 · pith:C35R3CUKnew · submitted 2016-11-08 · 🧮 math.LO

On the construction of general equilibria in a competitive economy

classification 🧮 math.LO
keywords admitconstructiveequilibriageneralmaximalpointstheoremapproximate
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This paper gives a constructive treatment of McKenzie's theorem on the existence of general equilibria. While the full theorem does not admit a constructive proof, and hence does not admit a computational realisation, we show that if we strengthen the conditions on our preference relation---we require $\succ$ to be uniformly rotund in the sense of Bridges [5]---then we can find `approximate equilibrium points,' points at which the collective profit may not be maximal, but can be made arbitrarily close to being maximal.

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