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On the uniqueness of local equilibria

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  • Bonnisseau, Jean-Marc
  • Nguenamadji, Orntangar

Abstract

The purpose of this paper is to define a new notion of local equilibrium in an exchange economy, where the consumers face lower bounds on net trades. Then, we show that the local equilibrium is unique if the lower bounds are closed enough to 0. By the way, we also provide a convergence result of local equilibrium price toward Walras equilibrium price of a suitable tangent linear economy.

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Bibliographic Info

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

Volume (Year): 46 (2010)
Issue (Month): 5 (September)
Pages: 623-632

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Handle: RePEc:eee:mateco:v:46:y:2010:i:5:p:623-632

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

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Keywords: General economic equilibrium Local equilibria Uniqueness;

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  1. DEBREU, Gérard, . "Economies with a finite set of equilibria," CORE Discussion Papers RP -67, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. repec:hal:cesptp:halshs-00442865 is not listed on IDEAS
  3. Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2009. "Discrete Walrasian exchange process," Documents de travail du Centre d'Economie de la Sorbonne 09085, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
  4. Dierker, Egbert, 1993. "Regular economies," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 17, pages 795-830 Elsevier.
  5. Bottazzi, Jean-Marc, 1994. "Accessibility of Pareto optima by Walrasian exchange processes," Journal of Mathematical Economics, Elsevier, vol. 23(6), pages 585-603, November.
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Cited by:
  1. repec:hal:journl:halshs-00609824 is not listed on IDEAS
  2. Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2013. "Discrete Walrasian exchange process," Economic Theory, Springer, vol. 52(3), pages 1091-1100, April.
  3. repec:hal:cesptp:halshs-00609824 is not listed on IDEAS

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