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Intertemporal Equilibrium and Walras' Theory of Capital: a Projection Based Approach

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  • Galeazzo Impicciatore
  • Luca Panaccione
  • Francesco Ruscitti

Abstract

In this paper we analyze the intertemporal competitive equilibrium of a walrasian model of capital accumulation. We prove the existence of equilibria by generalizing a result of Todd (1979). We overcome the indeterminacy in savings allocation to multiple types of capital goods by introducing a decreasing-return-to-scale storage technology. We Â…nally verify that, for stored capital goods, equality of rates of returns is satisÂ…ed in equilibrium.

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Bibliographic Info

Paper provided by University of Rome La Sapienza, Department of Public Economics in its series Working Papers with number 121.

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Length: 29
Date of creation: May 2009
Date of revision:
Handle: RePEc:sap:wpaper:wp121

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Keywords: Walras; Capital Goods; Activity Analysis; General Equilibrium.;

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  1. Timothy J. Kehoe, 1979. "An Index Theorem for General Equilibrium Models with Production," Cowles Foundation Discussion Papers 516, Cowles Foundation for Research in Economics, Yale University.
  2. Magill, Michael & Shafer, Wayne, 1991. "Incomplete markets," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 30, pages 1523-1614 Elsevier.
  3. Todd, Michael J., 1979. "A note on computing equilibria in economies with activity analysis models of production," Journal of Mathematical Economics, Elsevier, vol. 6(2), pages 135-144, July.
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