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The existence of equilibrium when excess demand obeys the weak axiom

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  • Quah, John K.-H.

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.)

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 44 (2008)
Issue (Month): 3-4 (February)
Pages: 337-343

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Handle: RePEc:eee:mateco:v:44:y:2008:i:3-4:p:337-343

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Web page: http://www.elsevier.com/locate/jmateco

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References

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  1. Michael Jerison & John K.-H. Quah, 2006. "Law of Demand," Discussion Papers 06-07, University at Albany, SUNY, Department of Economics.
  2. Nachbar, John H., 2004. "General equilibrium comparative statics: discrete shocks in production economies," Journal of Mathematical Economics, Elsevier, vol. 40(1-2), pages 153-163, February.
  3. Reinhard John, 1999. "Abraham Wald's equilibrium existence proof reconsidered," Economic Theory, Springer, vol. 13(2), pages 417-428.
  4. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
  5. Quah, J.K.-H., 2000. "Weak Axiomatic Demand Theory," Economics Papers 2000-w12, Economics Group, Nuffield College, University of Oxford.
  6. Jerison, Michael, 1999. "Dispersed excess demands, the weak axiom and uniqueness of equilibrium," Journal of Mathematical Economics, Elsevier, vol. 31(1), pages 15-48, February.
  7. Barbolla, Rosa & Corchon, Luis C, 1989. "An Elementary Proof of the Existence of a Competitive Equilibrium in a Special Case," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 385-89, May.
  8. John H. Nachbar, 2002. "General Equilibrium Comparative Statics," Econometrica, Econometric Society, vol. 70(5), pages 2065-2074, September.
  9. Quah, John K. -H., 2003. "Market demand and comparative statics when goods are normal," Journal of Mathematical Economics, Elsevier, vol. 39(3-4), pages 317-333, June.
  10. John Quah, 1999. "The Weak Axiom and Comparative Statics," Economics Series Working Papers 1999-W15, University of Oxford, Department of Economics.
  11. John K.-H. Quah, 1997. "The Law of Demand when Income Is Price Dependent," Econometrica, Econometric Society, vol. 65(6), pages 1421-1442, November.
  12. Shafer, Wayne J, 1974. "The Nontransitive Consumer," Econometrica, Econometric Society, vol. 42(5), pages 913-19, September.
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Citations

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Cited by:
  1. Frayssé, Jean, 2009. "A simple proof of the existence of an equilibrium when the weak axiom holds," Journal of Mathematical Economics, Elsevier, vol. 45(11), pages 767-769, December.
  2. John Quah, 2006. "Weak axiomatic demand theory," Economic Theory, Springer, vol. 29(3), pages 677-699, November.
  3. Maćkowiak, Piotr, 2010. "The existence of equilibrium without fixed-point arguments," MPRA Paper 42044, University Library of Munich, Germany, revised 04 Sep 2010.
  4. Ruscitti, Francesco, 2012. "On the boundary behavior of the excess demand function," Research in Economics, Elsevier, vol. 66(4), pages 371-374.

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