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A simple proof of the existence of an equilibrium when the weak axiom holds

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  • Frayssé, Jean

Abstract

An elementary proof of the existence of a competitive equilibrium is given for economies where the weak axiom holds. It is shown by an induction argument on the number of goods that the problem is reduced to the question of the existence of an equilibrium in a two-good economy.

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Bibliographic Info

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

Volume (Year): 45 (2009)
Issue (Month): 11 (December)
Pages: 767-769

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Handle: RePEc:eee:mateco:v:45:y:2009:i:11:p:767-769

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

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Keywords: Existence of equilibrium Excess demand function Weak axiom Gross substitutes;

References

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  1. Dana, Rose-Anne, 1993. "Existence, uniqueness and determinacy of Arrow-Debreu equilibria in finance models," Journal of Mathematical Economics, Elsevier, vol. 22(6), pages 563-579.
  2. John Quah, 2004. "The existence of equilibrium when excess demand obeys the weak axiom," Economics Series Working Papers 2004-W07, University of Oxford, Department of Economics.
  3. Greenberg, Joseph, 1977. "An Elementary Proof of the Existence of a Competitive Equilibrium with Weak Gross Substitutes," The Quarterly Journal of Economics, MIT Press, vol. 91(3), pages 513-16, August.
  4. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
  5. Fraysse, J., 1997. "An Elementary Proof of the Existence of a Competitive Equilibrium in Some SPecial Classes of Economies," Papers 97.479, Toulouse - GREMAQ.
  6. 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.
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Cited by:
  1. Maćkowiak, Piotr, 2010. "The existence of equilibrium without fixed-point arguments," MPRA Paper 42044, University Library of Munich, Germany, revised 04 Sep 2010.
  2. 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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