Linear exchange economies with a continuum of agents
AbstractThe purpose of this paper is to study how the equilibrium prices vary with respect to the initial endowments in a linear exchange economy with a continuum of agents. We first state the model and give conditions of an increasing strength for existence, uniqueness and continuity of equilibrium prices. Then, if we restrict ourselves to economies with essentially bounded initial endowments and if we assume that there is, from the point of view of preferences, only a finite number of types of agents, we show that, on an open dense subset of the space of initial endowments, the equilibrium price vector is an infinitely differentiable function of the initial endowments. The proof of this claim is based on a formula allowing to compute the equilibrium price vector around a so-called "regular" endowment where it is known.
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Bibliographic InfoArticle provided by Springer in its journal Spanish Economic Review.
Volume (Year): 3 (2001)
Issue (Month): 4 ()
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Other versions of this item:
- Florenzano, Monique & Moreno Garcia, Emma, 1996. "Linear exchange economies with a continuum of agents," CEPREMAP Working Papers (Couverture Orange) 9609, CEPREMAP.
- D59 - Microeconomics - - General Equilibrium and Disequilibrium - - - Other
- D49 - Microeconomics - - Market Structure and Pricing - - - Other
- D00 - Microeconomics - - General - - - General
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
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- Gaël Giraud, 2004. "The limit-price exchange process," Cahiers de la Maison des Sciences Economiques b04118, Université Panthéon-Sorbonne (Paris 1).
- Jean-Marc Bonnisseau & Michael Florig, 2003. "Existence and optimality of oligopoly equilibria in linear exchange economies," Economic Theory, Springer, vol. 22(4), pages 727-741, November.
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