On the uniqueness of local equilibria
The purpose of this paper is to define a new notion of local equilibrium in an exchange economy, where the consumers face lower bounds on net trades. Then, we show that the local equilibrium is unique if the lower bounds are closed enough to 0. By the way, we also provide a convergence result of local equilibrium price toward Walras equilibrium price of a suitable tangent linear economy.
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References listed on IDEAS
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- Dierker, Egbert, 1993. "Regular economies," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 17, pages 795-830 Elsevier.
- DEBREU, Gérard, .
"Economies with a finite set of equilibria,"
CORE Discussion Papers RP
-67, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2009.
"Discrete Walrasian exchange process,"
Documents de travail du Centre d'Economie de la Sorbonne
09085, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2009. "Discrete Walrasian Exchange Process," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00442865, HAL.
- Bottazzi, Jean-Marc, 1994. "Accessibility of Pareto optima by Walrasian exchange processes," Journal of Mathematical Economics, Elsevier, vol. 23(6), pages 585-603, November.
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