IDEAS home Printed from https://ideas.repec.org/p/arx/papers/2202.04573.html
   My bibliography  Save this paper

On the Uniqueness and Stability of the Equilibrium Price in Quasi-Linear Economies

Author

Listed:
  • Yuhki Hosoya

Abstract

In this paper, we show that if every consumer in an economy has a quasi-linear utility function, then the normalized equilibrium price is unique, and is locally stable with respect to the t\^atonnement process. Our study can be seen as that extends the results in partial equilibrium theory to economies with more than two dimensional consumption space. Moreover, we discuss the surplus analysis in such economies.

Suggested Citation

  • Yuhki Hosoya, 2022. "On the Uniqueness and Stability of the Equilibrium Price in Quasi-Linear Economies," Papers 2202.04573, arXiv.org, revised Apr 2024.
    • Handle: RePEc:arx:papers:2202.04573
    as

    Download full text from publisher

    File URL: http://arxiv.org/pdf/2202.04573
    File Function: Latest version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702.
    2. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    3. Barnett,William A. & Cornet,Bernard & D'Aspremont,Claude & Gabszewicz,Jean & Mas-Colell,Andreu (ed.), 1991. "Equilibrium Theory and Applications," Cambridge Books, Cambridge University Press, number 9780521392198.
    4. Takashi Hayashi, 2017. "General Equilibrium Foundation of Partial Equilibrium Analysis," Springer Books, Springer, number 978-3-319-56696-2, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. John Quah, 2001. "Comparative Statics of the Weak Axiom," Economics Papers 2001-W3, Economics Group, Nuffield College, University of Oxford.
    2. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, January.
    3. Miyake, Mitsunobu, 2016. "Logarithmically homogeneous preferences," Journal of Mathematical Economics, Elsevier, vol. 67(C), pages 1-9.
    4. Yakar Kannai & Larry Selden, 2014. "Violation of the Law of Demand," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 55(1), pages 1-28, January.
    5. Noé Biheng, 2016. "A Generalization of the Expenditure Function," Journal of Optimization Theory and Applications, Springer, vol. 168(2), pages 661-676, February.
    6. Klaus Ritzberger & Frank Milne, 2002. "Strategic pricing of equity issues," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 20(2), pages 271-294.
    7. David Perez-Castrillo & David Wettstein, 2004. "An Ordinal Shapley Value for Economic Environments (Revised Version)," UFAE and IAE Working Papers 634.04, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    8. Berliant, Marcus & Kung, Fan-chin, 2009. "Bifurcations in regional migration dynamics," Regional Science and Urban Economics, Elsevier, vol. 39(6), pages 714-720, November.
    9. Simas Kucinskas, 2015. "Liquidity creation without banks," DNB Working Papers 482, Netherlands Central Bank, Research Department.
    10. Marcus Berliant & Yves Zenou, 2014. "Labor Differentiation and Agglomeration in General Equilibrium," International Regional Science Review, , vol. 37(1), pages 36-65, January.
    11. Donald C. Keenan & Taewon Kim, 2022. "Closing the invisible hand: a rehabilitation of tâtonnement dynamics," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 17(3), pages 681-711, July.
    12. Elena L. Mercato & Vincenzo Platino, 2017. "Private ownership economies with externalities and existence of competitive equilibria: a differentiable approach," Journal of Economics, Springer, vol. 121(1), pages 75-98, May.
    13. Heifetz, Aviad & Minelli, Enrico, 2002. "Informational smallness in rational expectations equilibria," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 197-218, September.
    14. Elena L. Mercato & Vincenzo Platino, 2017. "On the regularity of smooth production economies with externalities: competitive equilibrium à la Nash," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 63(1), pages 287-307, January.
    15. Kannai, Yakar & Selden, Larry & Wei, Xiao, 2014. "Myopic separability," Journal of Economic Behavior & Organization, Elsevier, vol. 103(C), pages 125-144.
    16. Hayashi, Takashi, 2008. "A note on small income effects," Journal of Economic Theory, Elsevier, vol. 139(1), pages 360-379, March.
    17. Rose-Anne Dana, 2001. "original papers : Uniqueness of Arrow-Debreu and Arrow-Radner equilibrium when utilities are additively separable," Review of Economic Design, Springer;Society for Economic Design, vol. 6(2), pages 155-173.
    18. Simas Kucinskas, 2015. "Liquidity Creation without Banks," Tinbergen Institute Discussion Papers 15-101/VI, Tinbergen Institute.
    19. Guoqiang Tian, 2016. "On the existence of price equilibrium in economies with excess demand functions," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(1), pages 5-16, April.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arx:papers:2202.04573. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: arXiv administrators (email available below). General contact details of provider: http://arxiv.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.