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Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment

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  • Cuong Le Van
  • Yiannis Vailakis

Abstract

We prove existence of a competitive equilibrium in a version of a Ramsey (one sector) model in which agents are heterogeneous and gross investment is constrained to be non negative. We do so by converting the infinite-dimensional fixed point problem stated in terms of prices and commodities into a finite-dimensional Negishi problem involving individual weights in a social value function. This method allows us to obtain detailed results concerning the properties of competitive equilibria. Because of the simplicity of the techniques utilized our approach is amenable to be adapted by practitioners in analogous problems often studied in macroeconomics

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File URL: http://hdl.handle.net/10.1007/s00199-002-0355-y
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 22 (2003)
Issue (Month): 4 (November)
Pages: 743-771

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Handle: RePEc:spr:joecth:v:22:y:2003:i:4:p:743-771

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Related research

Keywords: Keywords and Phrases: One sector growth model; Pareto-optimum; Competitive equilibrium; Heterogeneous agents; Non negative gross investment.; JEL Classification Numbers: C62; D51; E13.;

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