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Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment

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  • Cuong Le Van

    (CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - CNRS - Centre National de la Recherche Scientifique - UP1 - Université Paris 1 Panthéon-Sorbonne)

  • Yiannis Vailakis

    (UCL IRES - Institut de recherches économiques et sociales - UCL - Université Catholique de Louvain = Catholic University of Louvain)

Abstract

Wr prove existence of a competitive equilibrium in a version of a Ramsey (one sector) model in which agents are heterogeneous and gross investment is constrained to be non negative. We do so by converting the infinite-dimensional fixed point problem tated in terms of prices and commodities into a finite-dimensional Negishi problem involving individual weights in a social value function. This method allows us to obtain detailed results concerning the properties of competitive eqilibria. Because of the simplicity of techniques utilized our approach is amenable to be adapted by practioners in analogous problems often studied in macroeconomics

Suggested Citation

  • Cuong Le Van & Yiannis Vailakis, 2003. "Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00119095, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00119095
    DOI: 10.1007/s00199-002-0355-y
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00119095
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    Keywords

    One sector growth model; Pareto-optimum; Competitive equilibrium; Heterogeneous agents; Non negative gross investment;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical

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