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Existence of competitive equilibrium in an optimal growth model with heterogeneous agents and endogenous leisure

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Author Info
Cuong Le Van (Centre d'Economie de la Sorbonne, Universite Paris-1, France)
Manh-Hung Nguyen () (INRA-LERNA, Toulouse School of Economics)
Abstract

This paper proves the existence of competitive equilibrium in a single sector dynamic economy with heterogeneous agents and elastic labor supply. The method of proof relies on some recent results concerning the existence of Lagrange multipliers in inï¬nite dimensional spaces and their representation as a summable sequence and a direct application of the Brouwer ï¬xed point theorem.

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Publisher Info
Paper provided by Development and Policies Research Center (DEPOCEN), Vietnam in its series Working Papers with number 27.

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Length: 23 pages
Date of creation: Jun 2008
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Handle: RePEc:dpc:wpaper:2708

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Related research
Keywords: Optimal growth model; Lagrange multipliers; Competitive equilibrium; Elastic labor supply;

Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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