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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

  • Aditya Goenka

    ()
    (NUS - National University of Singapore - NUS)

  • Cuong Le Van

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris, University of Exeter Business School - University of Exeter Business School, VCREME - VanXuan Center of Research in Economics, Management and Environment - VanXuan Center of Research in Economics, Management and Environment)

  • Manh-Hung Nguyen

    ()
    (VCREME - VanXuan Center of Research in Economics, Management and Environment - VanXuan Center of Research in Economics, Management and Environment, LERNA-INRA - Toulouse School of Economics)

Abstract

This paper proves the existence of competitive equilibrium in a single-sector dynamic economy with heterogeneous agents, elastic labor supply and complete assets markets. The method of proof relies on some recent results concerning the existence of Lagrande multipliers in infinite dimensional spaces and their representation as a summable sequence and a direct application of the inward boundary fixed point theorem.

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Bibliographic Info

Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00593945.

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Date of creation: Apr 2011
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Handle: RePEc:hal:cesptp:halshs-00593945

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Related research

Keywords: Optimal growth model; Lagrange multipliers; competitive equilibrium; individually rational Pareto Optimum; elastic labor supply.;

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  1. Peleg, Bezalel & Yaari, Menahem E, 1970. "Markets with Countably Many Commodities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 11(3), pages 369-77, October.
  2. LE VAN, Cuong & SAGLAM, Cagri, 2003. "Optimal growth models and the Lagrange multiplier," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2003083, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Kim, K. H., 1990. "Existence and optimality of competitive equilibria. : C.D. Aliprantis, D.J. Brown, and O. Burkinshaw, Berlin: Springer-Verlag, 1989, 284 pages, 110 DM," Mathematical Social Sciences, Elsevier, Elsevier, vol. 20(2), pages 197-197, October.
  4. Cuong Le Van & Manh-Hung Nguyen & Yiannis Vailakis, 2005. "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-00197560, HAL.
  5. Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, Elsevier, vol. 4(3), pages 514-540, June.
  6. Becker, Robert A, 1980. "On the Long-Run Steady State in a Simple Dynamic Model of Equilibrium with Heterogeneous Households," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 95(2), pages 375-82, September.
  7. Dana, Rose-Anne & Le Van, Cuong, 2003. "Dynamic Programming in Economics," Economics Papers from University Paris Dauphine 123456789/13605, Paris Dauphine University.
  8. LE VAN, Cuong & VAILAKIS, Yiannis, . "Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1762, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  9. Dana, Rose-Anne & Le Van, Cuong, 2003. "Dynamic Programming in Economics," Economics Papers from University Paris Dauphine 123456789/416, Paris Dauphine University.
  10. 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, Université Panthéon-Sorbonne (Paris 1) b04123, Université Panthéon-Sorbonne (Paris 1).
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Cited by:
  1. Yiyong CAI & Takashi Kamihigashi & John Stachurski, 2013. "Stochastic Optimal Growth with Risky Labor Supply," Discussion Paper Series, Research Institute for Economics & Business Administration, Kobe University DP2013-23, Research Institute for Economics & Business Administration, Kobe University.

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