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Multiplicity of Equilibria

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Author Info
Christian Ghiglino (Cornell University)
Mich Tvede (Insitute of Economics, University of Copenhagen)

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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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Publisher Info
Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 96-17.

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Length: 15 pages
Date of creation: Dec 1996
Date of revision:
Publication status: Published in: Journal of Economic Theory, 1997, 75(1) pp 1-15
Handle: RePEc:kud:kuiedp:9617

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Related research
Keywords: general equilibrium; multiplicity of equilibria;

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Find related papers by JEL classification:
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

References listed on IDEAS
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  1. 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. [Downloadable!] (restricted)
  2. Balasko, Yves & Cass, David & Shell, Karl, 1995. "Market Participation and Sunspot Equilibria," Review of Economic Studies, Blackwell Publishing, vol. 62(3), pages 491-512, July. [Downloadable!] (restricted)
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  3. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March. [Downloadable!] (restricted)
  4. Kehoe, Timothy J & Levine, David K, 1985. "Comparative Statics and Perfect Foresight in Infinite Horizon Economies," Econometrica, Econometric Society, vol. 53(2), pages 433-53, March. [Downloadable!] (restricted)
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  5. Ghiglino, Christian & Tvede, Mich, 1995. "Endowments, stability, and fluctuations in OG models," Journal of Economic Dynamics and Control, Elsevier, vol. 19(3), pages 621-653, April. [Downloadable!] (restricted)
    Other versions:
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