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Uniqueness of Equilibrium in the Multi-Country Ricardo Model

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Abstract

We present two arguments, one based on index theory, demonstrating that the multi-country Ricardo model has a unique competitive equilibrium if the aggregate demand functions exhibit gross substitutability. The result is somewhat surprising because the assumption of gross substitutability is sufficient for uniqueness in a model of exchange but not, in general, when production is included in the model.

Suggested Citation

  • Herbert E. Scarf & Wilson, Charles A. Wilson, 2003. "Uniqueness of Equilibrium in the Multi-Country Ricardo Model," Cowles Foundation Discussion Papers 1431, Cowles Foundation for Research in Economics, Yale University.
  • Handle: RePEc:cwl:cwldpp:1431
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    File URL: http://cowles.yale.edu/sites/default/files/files/pub/d14/d1431.pdf
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    Keywords

    Ricardo model; Gross substitutes; Uniqueness;

    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade

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