"The existence of equilibrium when excess demand obeys the weak axiom"
John K.H. Quah
Department of Economics
Oxford University
Abstract: This paper gives a non-fixed point theoretic proof of equilibrium existence when
the excess demand function of an exchange economy obeys the weak axiom. The proof is simple
and geometrically intuitive, and it also permits a weakening of the continuity assumption on the
excess demand function. (This paper is a more developed and (one hopes) improved version of an
earlier working paper called An Elementary Equilibrium Existence Theorem, Working Paper W6 (2000),
Nuffield College, Oxford.)
Keywords: weak axiom, Gale-Nikaido-Debreu Lemma, existence of equilibrium, violations of transitivity