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

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Author Info
Cuong LE VAN (CNRS, CERSEM, UniversitŽ Paris 1, France)
Yiannis VALAKIS (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

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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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Publisher Info
Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 2001018.

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Length: 35
Date of creation: 01 Sep 2001
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Handle: RePEc:ctl:louvir:2001018

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Related research
Keywords: One sector growth model; Pareto-optimum; Competitive equilibrium; Heterogeneous agents; Non negative gross investment;

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Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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Cited by:
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  1. Cuong Le Van & Manh Hung Nguyen & Yiannis Vailakis, 2005. "Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor," Cahiers de la Maison des Sciences Economiques b05096, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
    Other versions:
  2. GOENKA Aditya & NGUYEN Manh-Hung, 2009. "Existence of competitive equilibrium in an optimal growth model with elastic labor supply and smoothness of the policy function," Working Papers 09.21.297, LERNA, University of Toulouse. [Downloadable!]
  3. Cuong Le Van & Manh-Hung Nguyen & Yiannis Vailakis, 2007. "Equilibrium dynamics in an aggregative model of capital accumulation with heterogeneous agents and elastic labor," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00101237_v1, HAL. [Downloadable!]
  4. Cuong Le Van & Manh Hung Nguyen, 2005. "Existence of competitive equilibrium in a single-sector growth model with heterogeneous agents and endogenous leisure," Cahiers de la Maison des Sciences Economiques b05092, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
  5. Nguyen Manh Hung & San Nguyen Van, 2005. "The Lagrange multipliers and existence of competitive equilibrium in an intertemporal model with endogenous leisure," Cahiers de la Maison des Sciences Economiques b05041, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
    Other versions:
  6. Cuong Le Van & Yiannis Vailakis, 2004. "Existence of competitive equilibrium in a single-sector growth model with elastic labour," Cahiers de la Maison des Sciences Economiques b04123, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
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