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On the uniqueness of competitive equilibrium

Author

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  • Anjan Mukherji

    (Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi 110 067, INDIA)

Abstract

The paper is concerned with the following question: in addition to local uniqueness, what other conditions must be imposed to ensure global uniqueness of competitive equilibrium? The answer is provided within a standard framework involving excess demand functions. Conditions are identified which have the nice property that they are true close to a regular equilibrium. Uniqueness is established by considering an adjustment process and showing that under the mentioned conditions, every equilibrium is locally asymptotically stable and moreover the process itself is globally stable; uniqueness follows from an Arrow and Hahn (1971) result. Alternatively, the paper may be seen as identifying conditions under which there is a vectorfield satisfying the requirements of an uniqueness result due to Dierker (1974).

Suggested Citation

  • Anjan Mukherji, 1997. "On the uniqueness of competitive equilibrium," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 10(3), pages 509-520.
    • Handle: RePEc:spr:joecth:v:10:y:1997:i:3:p:509-520
    Note: Received: July 1, 1996; revised version October 7, 1996
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    Cited by:

    1. Covarrubias, Enrique, 2013. "Global invertibility of excess demand functions," MPRA Paper 47300, University Library of Munich, Germany.
    2. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, January.
    3. Giménez, Eduardo L., 2022. "Offer curves and uniqueness of competitive equilibrium," Journal of Mathematical Economics, Elsevier, vol. 98(C).
    4. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.

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