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The existence of equilibrium when excess demand obeys the weak axiom

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John K.-H. Quah () (Department of Economics, Oxford University)

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Abstract

This paper gives a non-fixed point theoretic proof of equilibrium existence when the excess demand function of an exchange economy obeys the weak axiom. The proof is simple and geometrically intuitive, and it also permits a weakening of the continuity assumption on the excess demand function. (This paper is a more developed and (one hopes) improved version of an earlier working paper called An Elementary Equilibrium Existence Theorem, Working Paper W6 (2000), Nuffield College, Oxford.)

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File URL: http://www.nuff.ox.ac.uk/economics/papers/2004/w7/demandobeys.pdf
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Paper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 2004-W07.

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Length: 13 pages
Date of creation: 05 Mar 2004
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Handle: RePEc:nuf:econwp:047

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Web page: http://www.nuff.ox.ac.uk/economics/

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  1. Quah, J.K.-H., 2000. "Weak Axiomatic Demand Theory," Economics Papers 2000-w12, Economics Group, Nuffield College, University of Oxford.
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  2. John K.-H. Quah, 1997. "The Law of Demand when Income Is Price Dependent," Econometrica, Econometric Society, vol. 65(6), pages 1421-1442, November.
  3. Shafer, Wayne J, 1974. "The Nontransitive Consumer," Econometrica, Econometric Society, vol. 42(5), pages 913-19, September. [Downloadable!] (restricted)
  4. Quah, John K. -H., 2003. "Market demand and comparative statics when goods are normal," Journal of Mathematical Economics, Elsevier, vol. 39(3-4), pages 317-333, June. [Downloadable!] (restricted)
  5. Barbolla, Rosa & Corchon, Luis C, 1989. "An Elementary Proof of the Existence of a Competitive Equilibrium in a Special Case," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 385-89, May. [Downloadable!] (restricted)
  6. Reinhard John, 1999. "Abraham Wald's equilibrium existence proof reconsidered," Economic Theory, Springer, vol. 13(2), pages 417-428. [Downloadable!] (restricted)
  7. Debreu, Gerard, 1993. "Existence of competitive equilibrium," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 15, pages 697-743 Elsevier. [Downloadable!] (restricted)
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  1. John Quah, 2006. "Weak axiomatic demand theory," Economic Theory, Springer, vol. 29(3), pages 677-699, November. [Downloadable!] (restricted)
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