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Multiplicity of Equilibria

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  • Christian Ghiglino
  • Mich Tvede

Abstract

A pure exchange, general equilibrium model is considered and the equilibrium set is studied. It is shown for all total endowments and an open and dense set of preferences that if there arel2 commodities andm2 consumers then there exists a set of distributions of endowments with nonempty interior such that the associated economies have at leastl-1+min{l, m} equilibria forl+min{l, m} even and at leastl-2+min{l, m} equilibria forl+min{l, m} odd.

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Paper provided by Penn Economics Department in its series Penn CARESS Working Papers with number 50405ce7ef76383c40f86868c1b14443.

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Handle: RePEc:cla:penntw:50405ce7ef76383c40f86868c1b14443

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  1. Timothy J. Kehoe & David K. Levine, 1982. "Comparitive Statics and Perfect Foresight in Infinite Horizon Economies," UCLA Economics Working Papers 259, UCLA Department of Economics.
  2. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
  3. Balasko, Yves & Cass, David & Shell, Karl, 1995. "Market Participation and Sunspot Equilibria," Review of Economic Studies, Wiley Blackwell, vol. 62(3), pages 491-512, July.
  4. Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
  5. Spear, Stephen E. & Srivastava, Sanjay & Woodford, Michael, 1990. "Indeterminacy of stationary equilibrium in stochastic overlapping generations models," Journal of Economic Theory, Elsevier, vol. 50(2), pages 265-284, April.
  6. Christian Ghiglino & Mich Tvede, 1993. "Endowments, Stability and Fluctuations in OG Models," Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva 93.04, Institut d'Economie et Econométrie, Université de Genève.
  7. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
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Cited by:
  1. Ghiglino, Christian, 2002. "Introduction to a General Equilibrium Approach to Economic Growth," Journal of Economic Theory, Elsevier, vol. 105(1), pages 1-17, July.

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