### Abstract

It is well known that an equilibrium in the Arrow-Debreu model may fail to exist if a very restrictive condition called the survival assumption is not satisfied.We study two approaches that allow for the relaxation of this condition.Danilov and Sotskov (1980), and Florig (1998a) developed a concept of a generalized equilibrium based on a notion of hierarchic prices.Marakulin (1988, 1990) proposed a concept of an equilibrium with non-standard prices.In this paper, we establish the equivalence between non-standard and hierarchic equilibria.Furthermore, we show that the set of non-standard equilibria coincides with the fuzzy rejective core of an economy and is generically finite for any specified system of dividends.

Original language | English |
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Place of Publication | Tilburg |

Publisher | Microeconomics |

Number of pages | 43 |

Volume | 2001-34 |

Publication status | Published - 2001 |

### Publication series

Name | CentER Discussion Paper |
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Volume | 2001-34 |

### Keywords

- equilibrium theory

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## Cite this

Konovalov, A., & Marakulin, V. (2001).

*Equilibria Without the Survival Assumption: A Non-Standard Analysis Approach*. (CentER Discussion Paper; Vol. 2001-34). Microeconomics.