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Equilibrium existence results for economies with price rigidities

  • P. Jean-Jacques Herings

    (Department of Econometrics and CentER, Tilburg University, P.O. Box 90153, 5000 LE Tilburg, THE NETHERLANDS)

An exchange economy with price rigidities and rationing is considered. The rationing systems allowed are very general. Several characterizations of the set of constrained equilibria are given, and new equilibrium existence results are provided. More specifically, well-known properties like the existence of equilibria without rationing of the numeraire commodity, and the existence of supply and demand constrained equilibria without rationing on the market of at least one commodity follow as special cases from the theorems proved. Finally it is shown that the equilibrium correspondence is upper semi-continuous, while it is continuous on a residual set of points. In order to prove these results a new continuity result for the budget correspondence is given.

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Article provided by Springer in its journal Economic Theory.

Volume (Year): 7 (1995)
Issue (Month): 1 ()
Pages: 63-80

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Handle: RePEc:spr:joecth:v:7:y:1995:i:1:p:63-80
Note: Received: March 11, 1994; revised version July 15, 1994
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  1. van der Laan, Gerard, 1984. "Supply-constrained fixed price equilibria in monetary economies," Journal of Mathematical Economics, Elsevier, vol. 13(2), pages 171-187, October.
  2. DREZE, Jacques H., . "Existence of an exchange equilibrium under price rigidites," CORE Discussion Papers RP -225, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. van der Laan, G. & Talman, A.J.J., 1989. "Price rigidities and rationing," Discussion Paper 1989-13, Tilburg University, Center for Economic Research.
  4. Weddepohl, Claus, 1987. "Supply-constrained equilibria in economies with indexed prices," Journal of Economic Theory, Elsevier, vol. 43(2), pages 203-222, December.
  5. Benassy, Jean-Pascal, 1993. "Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 732-61, June.
  6. Weddepohl, Claus, 1983. "Fixed price equilibria in a multifirm model," Journal of Economic Theory, Elsevier, vol. 29(1), pages 95-108, February.
  7. Kurz, Mordecai, 1982. "Unemployment equilibrium in an economy with linked prices," Journal of Economic Theory, Elsevier, vol. 26(1), pages 100-123, February.
  8. Wu, Ho-Mou, 1988. "Unemployment equilibrium in a random economy," Journal of Mathematical Economics, Elsevier, vol. 17(4), pages 385-400, September.
  9. Polterovich, Victor, 1993. "Rationing, Queues, and Black Markets," Econometrica, Econometric Society, vol. 61(1), pages 1-28, January.
  10. Nguyen, Trien T. & Whalley, John, 1986. "Equilibrium under price controls with endogenous transactions costs," Journal of Economic Theory, Elsevier, vol. 39(2), pages 290-300, August.
  11. van der Laan, Gerard, 1980. "Equilibrium under Rigid Prices with Compensation for the consumers," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 63-73, February.
  12. Nguyen, Trien T & Whalley, John, 1990. "General Equilibrium Analysis of Price Controls: A Computational Approach," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(3), pages 667-84, August.
  13. DEHEZ, Pierre & DREZE, Jacques H., . "On supply-constrained equilibria," CORE Discussion Papers RP -576, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  14. Benassy, Jean-Pascal, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Wiley Blackwell, vol. 42(4), pages 503-23, October.
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