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Existence of competitive equilibrium in economies with multi-member households

Author

Listed:
  • Norihisa Sato

    (Graduate School of Economics, Waseda University)

Abstract

This paper focuses on the existence of a competitive equilibrium in the general equilibrium model with multi-member households introduced by Haller (2000). Two main results are obtained: the first is based on the assumption of ``budget exhaustion,'' which is also used in the existence theorem by Gersbach and Haller (1999). The second is based on the assumption that every household has at least one member whose preference is nonsatiated with respect to feasible household consumption, and this is applicable to the case in which budget exhaustion does not hold.

Suggested Citation

  • Norihisa Sato, 2009. "Existence of competitive equilibrium in economies with multi-member households," Economics Bulletin, AccessEcon, vol. 29(3), pages 1760-1771.
  • Handle: RePEc:ebl:ecbull:eb-09-00200
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    File URL: http://www.accessecon.com/Pubs/EB/2009/Volume29/EB-09-V29-I3-P24.pdf
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    Cited by:

    1. Gersbach, Hans & Haller, Hans, 2019. "Households, markets and public choice," Mathematical Social Sciences, Elsevier, vol. 100(C), pages 16-28.

    More about this item

    Keywords

    Multi-member households; Competitive equilibrium; nonsatiation;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium

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