Equilibrium Structure of Production Economies with Uncertainty: The Natural Projection Approach
AbstractThe paper generalizes the natural projection approach introduced by Balasko (1988) to production economies with uncertainty. It explores the equilibrium structure of the long run and short run private ownership production model. It is shown that qualitative equilibrium properties of the production model are those of the exchange model with production adjusted demand functions.
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Bibliographic InfoPaper provided by Department of Economics, University of York in its series Discussion Papers with number 11/07.
Date of creation: Apr 2011
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Postal: Department of Economics and Related Studies, University of York, York, YO10 5DD, United Kingdom
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Existence of Equilibrium; Equilibrium Structure; Uncertainty; Production.;
Find related papers by JEL classification:
- D62 - Microeconomics - - Welfare Economics - - - Externalities
- D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
- D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
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- Jouini, Elyes, 1993. "The graph of the Walras correspondence : The production economies case," Journal of Mathematical Economics, Elsevier, vol. 22(2), pages 139-147.
- Balasko, Yves & Cass, David, 1989. "The Structure of Financial Equilibrium with Exogenous Yields: The Case of Incomplete Markets," Econometrica, Econometric Society, vol. 57(1), pages 135-62, January.
- Yves Balasko, 2009. "The Equilibrium Manifold: Postmodern Developments in the Theory of General Economic Equilibrium," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026546.
- Balasko, Yves, 1978. "Equilibrium analysis and envelope theory," Journal of Mathematical Economics, Elsevier, vol. 5(2), pages 153-172, September.
- Balasko, Yves & Cass, David & Siconolfi, Paolo, 1990. "The structure of financial equilibrium with exogenous yields : The case of restricted participation," Journal of Mathematical Economics, Elsevier, vol. 19(1-2), pages 195-216.
- Balasko, Yves, 1975. "The Graph of the Walras Correspondence," Econometrica, Econometric Society, vol. 43(5-6), pages 907-12, Sept.-Nov.
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