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Ricardo And Lemke

  • Christian Bidard

We study the economic mechanism which sustains the substitution of a marginal method for another when demand increases, in the presence of scarce resources. In those Ricardian dynamics, it is shown that the outgoing method is determined by the quantity side of the problem, the incoming method by the value side. That discrepancy explains both the possible failure of the dynamics and the possible occurrence of multiple equilibria. Conditions for existence, uniqueness and the working of the dynamics are stated. A parallel is drawn with the parametric Lemke algorithm used to solve linear complementarity problems.

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Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2012-48.

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Length: 16 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:drm:wpaper:2012-48
Contact details of provider: Postal: 200 Avenue de la République, Bât. G - 92001 Nanterre Cedex
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  1. Christian Bidard, 2012. "The Frail Grounds of the Ricardian Dynamics," EconomiX Working Papers 2012-43, University of Paris West - Nanterre la Défense, EconomiX.
  2. Salvadori, Neri, 1986. "Land and Choice of Techniques within the Sraffa Framework," Australian Economic Papers, Wiley Blackwell, vol. 25(46), pages 94-105, June.
  3. C. E. Lemke, 1965. "Bimatrix Equilibrium Points and Mathematical Programming," Management Science, INFORMS, vol. 11(7), pages 681-689, May.
  4. ERREYGERS, Guido, 1992. "On the uniqueness of square cost-minimizing techniques," SESO Working Papers 1992009, University of Antwerp, Faculty of Applied Economics.
  5. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702.
  6. Dantzig, George B. & Manne, Alan S., 1974. "A complementarity algorithm for an optimal capital path with invariant proportions," Journal of Economic Theory, Elsevier, vol. 9(3), pages 312-323, November.
  7. Christian Bidard & Guido Erreygers, 1998. "The number and type of long-term equilibria," Journal of Economics, Springer, vol. 67(2), pages 181-205, June.
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