The existence of equilibrium without fixed-point arguments
AbstractAbstract This paper gives a proof of the existence of general equilibrium without the use of a fixed point theorem. Unlike other results of this type, the conditions we use do not imply that the set of equilibrium prices is convex. We use an assumption on the excess demand correspondence that is related to, but weaker than, the weak axiom of revealed preference (WARP). The proof is carried out for compact and convex valued upper hemicontinuous excess demand correspondences satisfying this WARP-related condition and some other standard conditions. We also provide an algorithm for finding equilibrium prices.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Mathematical Economics.
Volume (Year): 46 (2010)
Issue (Month): 6 (November)
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Web page: http://www.elsevier.com/locate/jmateco
Existence of economic equilibrium The weak axiom of revealed preference Excess demand correspondence Distribution economies Law of demand;
Other versions of this item:
- Maćkowiak, Piotr, 2010. "The existence of equilibrium without fixed-point arguments," MPRA Paper 42044, University Library of Munich, Germany, revised 04 Sep 2010.
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
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