COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
AT YALE UNIVERSITY

Post Office Box 208281
New Haven, CT 06520-8281

COWLES FOUNDATION DISCUSSION PAPER NO. 834R

"Equilibria in Exchange Economies with a Countable Number of Agents"

Charalambos D. Aliprantis, Donald J. Brown and Owen Burkinshaw

April 1987

The existence of equilibria is established in an overlapping generations exchange economy, where each generation lives for two periods and the commodity space is the positive cone of an infinite dimensional Riesz space. In particular, we establish the existence of equilibria in the stochastic overlapping generations model, i.e., we establish the existence of equilibria when the commodity space in each period is L_{infinity} equipped with the Mackey topology tau(L_{infinity},L_{1}).