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Single and attractive: Uniqueness and stability of economic equilibria under monotonicity assumptions

Author

Listed:
  • Bifulco, Patrizio
  • Glück, Jochen
  • Krebs, Oliver
  • Kukharskyy, Bohdan

Abstract

This paper characterizes equilibrium properties of a broad class of economic models that allow multiple heterogeneous agents to interact in heterogeneous ways across several markets. Our key contribution is a new theorem that provides sufficient conditions for uniqueness, attractivity, and stability of solutions of non-linear equation systems. To illustrate the applicability of our theorem, we characterize the general equilibrium properties of an extended version of the “universal gravity” framework, which comprises a host of seminal trade models. Specifically, we provide conditions for uniqueness, stability, and attractivity when, in line with real-world observations, (i) supply elasticities are allowed to vary by country, or (ii) multiple sectors are introduced. We also provide a practical toolkit for future research on how our theorem can be applied to establish uniqueness, stability, and attractivity of equilibria in a broad set of economic models.

Suggested Citation

  • Bifulco, Patrizio & Glück, Jochen & Krebs, Oliver & Kukharskyy, Bohdan, 2026. "Single and attractive: Uniqueness and stability of economic equilibria under monotonicity assumptions," Journal of International Economics, Elsevier, vol. 159(C).
    • Handle: RePEc:eee:inecon:v:159:y:2026:i:c:s0022199625001448
    DOI: 10.1016/j.jinteco.2025.104187
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    Keywords

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    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • R13 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General Equilibrium and Welfare Economic Analysis of Regional Economies

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