Advanced Search
MyIDEAS: Login

Determinacy of Competitive Equilibria in Economies with Many Commodities

Contents:

Author Info

  • Chris Shannon

    (University of California, Berkeley)

Abstract

This paper provides a framework for establishing the determinacy of equilibria in general equilibrium models with infinitely many commodities and a finite number of consumers and producers. The paper defines a notion of regular economy for such models and gives sufficient conditions on the excess savings equations characterizing equilibria under which regular economies have a finite number of equilibria, each of which is locally stable with respect to perturbations in exogenous parameters, and under which regular economies are generic. For the case of sequence economies in which there are countably many commodities, such as discrete time models or markets with countably many assets, the paper develops sufficient conditions on preferences and technologies for these generic determinacy conclusions to hold. These arguments build on the intuition that these economies can be thought of as the limit of economies with a large finite number of commodities, and conclude that the sharp predictions of generic determinacy in economies with finitely many commodities carry over to economies with countably many commodities under one additional assumption, which prohibits goods from becoming perfect substitutes asymptotically.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://128.118.178.162/eps/ge/papers/9610/9610002.pdf
Download Restriction: no
File URL: http://128.118.178.162/eps/ge/papers/9610/9610002.ps.gz
Download Restriction: no
File URL: http://128.118.178.162/eps/ge/papers/9610/9610002.dvi.gz
Download Restriction: no

Bibliographic Info

Paper provided by EconWPA in its series GE, Growth, Math methods with number 9610002.

as in new window
Length:
Date of creation: 18 Oct 1996
Date of revision:
Handle: RePEc:wpa:wuwpge:9610002

Note: 53pp
Contact details of provider:
Web page: http://128.118.178.162

Related research

Keywords:

Other versions of this item:

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Peleg, Bezalel & Yaari, Menahem E, 1973. "On the Existence of a Consistent Course of Action when Tastes are Changing," Review of Economic Studies, Wiley Blackwell, vol. 40(3), pages 391-401, July.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Covarrubias, Enrique, 2008. "The number of equilibria of smooth infinite economies with separable utilities," MPRA Paper 11099, University Library of Munich, Germany.
  2. Enrique Covarrubias, 2010. "Regular Infinite Economies," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 10(1), pages 29.
  3. DEMICHELIS, Stefano & POLEMARCHAKIS, Heracles & ,, 2000. "Life-span and the determinacy of equilibrium in economies of overlapping generations," CORE Discussion Papers 2000034, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. H. Polemarchakis & S. Demichelis, 2002. "Frequency of Trade and the Determinancy of Equilibrium Paths: Logarithmic Economies of Overlapping Generations Under Certainty," Working Papers 2002-16, Brown University, Department of Economics.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpge:9610002

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.