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Linear exchange economies with a continuum of agents

  • Monique Florenzano

    ()

    (CNRS-CERMSEM, Université de Paris 1, Boulevard de l'Hôpital 112, 75647 Paris Cedex 13, France Departamento de Economía e Historia Económica, Facultad de Economía y Empresa, Universidad de Salamanca, Edificio F.E.S. Campus Miguel de Unamuno, 37007 Salamanca, Spain)

  • Emma Moreno-García

    ()

    (CNRS-CERMSEM, Université de Paris 1, Boulevard de l'Hôpital 112, 75647 Paris Cedex 13, France Departamento de Economía e Historia Económica, Facultad de Economía y Empresa, Universidad de Salamanca, Edificio F.E.S. Campus Miguel de Unamuno, 37007 Salamanca, Spain)

The purpose of this paper is to study how the equilibrium prices vary with respect to the initial endowments in a linear exchange economy with a continuum of agents. We first state the model and give conditions of an increasing strength for existence, uniqueness and continuity of equilibrium prices. Then, if we restrict ourselves to economies with essentially bounded initial endowments and if we assume that there is, from the point of view of preferences, only a finite number of types of agents, we show that, on an open dense subset of the space of initial endowments, the equilibrium price vector is an infinitely differentiable function of the initial endowments. The proof of this claim is based on a formula allowing to compute the equilibrium price vector around a so-called "regular" endowment where it is known.

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Article provided by Springer & Spanish Economic Association in its journal Spanish Economic Review.

Volume (Year): 3 (2001)
Issue (Month): 4 ()
Pages: 253-272

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Handle: RePEc:spr:specre:v:3:y:2001:i:4:p:253-272
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  1. Gale, David, 1976. "The linear exchange model," Journal of Mathematical Economics, Elsevier, vol. 3(2), pages 205-209, July.
  2. Dierker, Hildegard, 1975. "Equilibria and core of large economies," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 155-169.
  3. Eaves, B. Curtis, 1976. "A finite algorithm for the linear exchange model," Journal of Mathematical Economics, Elsevier, vol. 3(2), pages 197-203, July.
  4. Artstein, Zvi, 1979. "A note on fatou's lemma in several dimensions," Journal of Mathematical Economics, Elsevier, vol. 6(3), pages 277-282, December.
  5. Bonnisseau, J.M. & Joffre, A., 1994. "Equilibrium Manifold for Linear Exchange Economies," Papiers d'Economie Mathématique et Applications 94.87, Université Panthéon-Sorbonne (Paris 1).
  6. Cheng, Hsueh-Cheng, 1979. "Linear economies are "gross substitute" systems," Journal of Economic Theory, Elsevier, vol. 20(1), pages 110-117, February.
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