An Elementary Proof of the Existence of a Competitive Equilibrium in Some SPecial Classes of Economies
An elementary proof of the existence of a competitive equilibrium is given for economies where the weak axiom of revealed preference or the gross substitution property hold. It is shown by an induction argument that in these cases, the problem is reduced to the question of the existence of an equilibrium in a two-goods economy.
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|Date of creation:||1997|
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