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Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment

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  • Cuong Le Van
  • Yiannis Vailakis

Abstract

Wr prove existence of a competitive equilibrium in a version of a Ramsey (one sector) model in which agents are heterogeneous and gross investment is constrained to be non negative. We do so by converting the infinite-dimensional fixed point problem tated in terms of prices and commodities into a finite-dimensional Negishi problem involving individual weights in a social value function. This method allows us to obtain detailed results concerning the properties of competitive eqilibria. Because of the simplicity of techniques utilized our approach is amenable to be adapted by practioners in analogous problems often studied in macroeconomics
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Suggested Citation

  • Cuong Le Van & Yiannis Vailakis, 2003. "Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 22(4), pages 743-771, November.
  • Handle: RePEc:spr:joecth:v:22:y:2003:i:4:p:743-771
    DOI: 10.1007/s00199-002-0355-y
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    Keywords

    Keywords and Phrases: One sector growth model; Pareto-optimum; Competitive equilibrium; Heterogeneous agents; Non negative gross investment.; JEL Classification Numbers: C62; D51; E13.;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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