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Existence Of Competitive Equilibrium In An Optimal Growth Model With Heterogeneous Agents And Endogenous Leisure

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  • Goenka, Aditya
  • Le Van, Cuong
  • Nguyen, Manh-Hung

Abstract

This paper proves the existence of competitive equilibrium in a single sector dynamic economy with heterogeneous agents and elastic labor supply. The method of proof relies on some recent results concerning the existence of Lagrange multipliers in inï¬nite dimensional spaces and their representation as a summable sequence and a direct application of the Brouwer ï¬xed point theorem.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 16 (2012)
Issue (Month): S1 (April)
Pages: 33-51

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Handle: RePEc:cup:macdyn:v:16:y:2012:i:s1:p:33-51_00

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References

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  1. Le Van, Cuong & Cagri Saglam, H., 2004. "Optimal growth models and the Lagrange multiplier," Journal of Mathematical Economics, Elsevier, vol. 40(3-4), pages 393-410, June.
  2. repec:hal:cesptp:halshs-00197560 is not listed on IDEAS
  3. Dana, Rose-Anne & Le Van, Cuong, 2003. "Dynamic Programming in Economics," Economics Papers from University Paris Dauphine 123456789/416, Paris Dauphine University.
  4. repec:hal:cesptp:halshs-00101237 is not listed on IDEAS
  5. Becker, Robert A, 1980. "On the Long-Run Steady State in a Simple Dynamic Model of Equilibrium with Heterogeneous Households," The Quarterly Journal of Economics, MIT Press, vol. 95(2), pages 375-82, September.
  6. Cuong Le Van & Yiannis Vailakis, 2004. "Existence of competitive equilibrium in a single-sector growth model with elastic labour," Cahiers de la Maison des Sciences Economiques b04123, Université Panthéon-Sorbonne (Paris 1).
  7. LE VAN, Cuong & VAILAKIS, Yiannis, . "Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment," CORE Discussion Papers RP -1762, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, vol. 4(3), pages 514-540, June.
  9. Kim, K. H., 1990. "Existence and optimality of competitive equilibria. : C.D. Aliprantis, D.J. Brown, and O. Burkinshaw, Berlin: Springer-Verlag, 1989, 284 pages, 110 DM," Mathematical Social Sciences, Elsevier, vol. 20(2), pages 197-197, October.
  10. Peleg, Bezalel & Yaari, Menahem E, 1970. "Markets with Countably Many Commodities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 11(3), pages 369-77, October.
  11. Le Van, Cuong & Nguyen, Manh-Hung & Vailakis, Yiannis, 2007. "Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor," Journal of Mathematical Economics, Elsevier, vol. 43(3-4), pages 287-317, April.
  12. Dana, Rose-Anne & Le Van, Cuong, 2003. "Dynamic Programming in Economics," Economics Papers from University Paris Dauphine 123456789/13605, Paris Dauphine University.
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Cited by:
  1. Yiyong Cai & Takashi Kamihigashi & John Stachurski, 2012. "Stochastic Optimal Growth with Risky Labor Supply," ANU Working Papers in Economics and Econometrics 2012-585, Australian National University, College of Business and Economics, School of Economics.

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