@techreport{2f659b7ab0d14e86ba44f6c5c6c83920,

title = "Equilibria Without the Survival Assumption: A Non-Standard Analysis Approach",

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.",

keywords = "equilibrium theory",

author = "A. Konovalov and V. Marakulin",

note = "Pagination: 43",

year = "2001",

language = "English",

volume = "2001-34",

series = "CentER Discussion Paper",

publisher = "Microeconomics",

type = "WorkingPaper",

institution = "Microeconomics",

}