Walrasian Equilibria in a Production Economy with Indivisibilities
AbstractThis paper studies a production economy with indivisibilities. We provide a characterization for all Walraian equilibria and a necessary and sufficient condition for the existence of Walrasian equilibrium. We find a sufficient condition for every descening (ascending) price process to converge to a Walrasian equilibrium within finite periods of time.
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Bibliographic InfoPaper provided by Rutgers University, Department of Economics in its series Departmental Working Papers with number 199712.
Date of creation: 17 Sep 1997
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Find related papers by JEL classification:
- D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition
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- Ellickson,Bryan, 1994. "Competitive Equilibrium," Cambridge Books, Cambridge University Press, number 9780521319881, October.
- Bikhchandani, Sushil & Mamer, John W., 1997. "Competitive Equilibrium in an Exchange Economy with Indivisibilities," Journal of Economic Theory, Elsevier, vol. 74(2), pages 385-413, June.
- Gul, F. & Stacchetti, E., 1997. "Walrasian Equilibrium Without Complementarities," Papers 97-03, Michigan - Center for Research on Economic & Social Theory.
- Crawford, Vincent P & Knoer, Elsie Marie, 1981. "Job Matching with Heterogeneous Firms and Workers," Econometrica, Econometric Society, vol. 49(2), pages 437-50, March.
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