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Propositions Of Five Equilibria Examples For 3×2 Ces/Les Pure Exchange Economies

Author

Listed:
  • HUI HUANG

    (Department of Economics, The University of Western Ontario, London, Ontario, N6A 5C2, Canada)

  • SHUNMING ZHANG

    (Department of Economics, The University of Western Ontario, London, Ontario, N6A 5C2, Canada;
    School of Economics and Management, Tsinghua University, Beijing 100084, P. R. China)

Abstract

This paper reports numerical examples for a 3 individual 2 good CES/LES pure exchange economy in which 5 equilibria exist. We explore the size of the regions of the parameter space for which 5 equilibria persist, and show these ranges to be very small in each parameter. Other features of the equilibrium manifolds are examined. The number of equilibria can jump from 5 to 3 to 1, or even from 5 to 1. We also find changes of (Kehoe) equilibrium indices from -1 to +1 or from +1 to -1. Then, we provide parameter changes simultaneously in a large range that preserve given 5 equilibria.

Suggested Citation

  • Hui Huang & Shunming Zhang, 2004. "Propositions Of Five Equilibria Examples For 3×2 Ces/Les Pure Exchange Economies," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 3(04), pages 583-604.
    • Handle: RePEc:wsi:ijitdm:v:03:y:2004:i:04:n:s0219622004001264
    DOI: 10.1142/S0219622004001264
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    References listed on IDEAS

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    1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702, January.
    2. Shoven,John B. & Whalley,John, 1992. "Applying General Equilibrium," Cambridge Books, Cambridge University Press, number 9780521266550.
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