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Linear exchange economies with a continuum of agents

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  • Monique Florenzano

    () (CNRS-CERMSEM, Université de Paris 1, Boulevard de l'Hôpital 112, 75647 Paris Cedex 13, France Departamento de Economía e Historia Económica, Facultad de Economía y Empresa, Universidad de Salamanca, Edificio F.E.S. Campus Miguel de Unamuno, 37007 Salamanca, Spain)

  • Emma Moreno-García

    () (CNRS-CERMSEM, Université de Paris 1, Boulevard de l'Hôpital 112, 75647 Paris Cedex 13, France Departamento de Economía e Historia Económica, Facultad de Economía y Empresa, Universidad de Salamanca, Edificio F.E.S. Campus Miguel de Unamuno, 37007 Salamanca, Spain)

Abstract

The 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 Info

Article provided by Springer in its journal Spanish Economic Review.

Volume (Year): 3 (2001)
Issue (Month): 4 ()
Pages: 253-272

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Handle: RePEc:spr:specre:v:3:y:2001:i:4:p:253-272

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Related research

Keywords: Linear utilities; indirect utility function; Walrasian equilibrium; atomless economies;

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References

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  1. Champsaur, P. & Cornet, B., 1989. "Walrasian Exchange Processes," CORE Discussion Papers 1989030, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Gale, David, 1976. "The linear exchange model," Journal of Mathematical Economics, Elsevier, vol. 3(2), pages 205-209, July.
  3. Dierker, Hildegard, 1975. "Equilibria and core of large economies," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 155-169.
  4. Eaves, B. Curtis, 1976. "A finite algorithm for the linear exchange model," Journal of Mathematical Economics, Elsevier, vol. 3(2), pages 197-203, July.
  5. Bonnisseau, J.M. & Joffre, A., 1994. "Equilibrium Manifold for Linear Exchange Economies," Papiers d'Economie Mathématique et Applications 94.87, Université Panthéon-Sorbonne (Paris 1).
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Cited by:
  1. Gaël Giraud, 2004. "The limit-price exchange process," Cahiers de la Maison des Sciences Economiques b04118, Université Panthéon-Sorbonne (Paris 1).
  2. 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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