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The existence of equilibrium without fixed-point arguments

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  • Maćkowiak, Piotr

Abstract

This paper gives a proof of the existence of general equilibrium without the use of a fixed point theorem. Unlike other results of this type, the conditions we use do not imply that the set of equilibrium prices is convex. We use an assumption on the excess demand correspondence that is related to, but weaker than, the weak axiom of revealed preference (WARP). The proof is carried out for compact and convex valued upper hemicontinuous excess demand correspondences satisfying this WARP-related condition and some other standard conditions. We also provide an algorithm for finding equilibrium prices.

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File URL: http://mpra.ub.uni-muenchen.de/42044/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42044.

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Date of creation: 29 Mar 2010
Date of revision: 04 Sep 2010
Publication status: Published in The existence of equilibrium without fixed-point arguments 6.46(2010): pp. 1194-1199
Handle: RePEc:pra:mprapa:42044

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Related research

Keywords: existence of economic equilibrium; the weak axiom of revealed preference; excess demand correspondence; distribution economies; law of demand;

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  1. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
  2. Greenberg, Joseph, 1977. "An Elementary Proof of the Existence of a Competitive Equilibrium with Weak Gross Substitutes," The Quarterly Journal of Economics, MIT Press, vol. 91(3), pages 513-16, August.
  3. Michael Jerison & John K.-H. Quah, 2006. "Law of Demand," Discussion Papers 06-07, University at Albany, SUNY, Department of Economics.
  4. Quah, John K.-H., 2008. "The existence of equilibrium when excess demand obeys the weak axiom," Journal of Mathematical Economics, Elsevier, vol. 44(3-4), pages 337-343, February.
  5. John K.-H. Quah, 1997. "The Law of Demand when Income Is Price Dependent," Econometrica, Econometric Society, vol. 65(6), pages 1421-1442, November.
  6. 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.
  7. Frayssé, Jean, 2009. "A simple proof of the existence of an equilibrium when the weak axiom holds," Journal of Mathematical Economics, Elsevier, vol. 45(11), pages 767-769, December.
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Cited by:
  1. Maćkowiak, Piotr, 2013. "The existence of equilibrium in a simple exchange model," MPRA Paper 46764, University Library of Munich, Germany, revised Apr 2013.

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