Market Equilibrium Under The Circumstances Of Selectable Economic Conditions
This paper presents an analysis of market equilibrium under the circumstances withseveral discrete economic conditions by using pure exchange economy model. First,as preliminary analysis, it will show the ‘temporal’ market equilibrium under a givendistribution of population over the di erent circumstances in section 2. Next, in section3 our study will prove the existence of market equilibrium in the case that economicagents can choose their economic conditions freely for their utility maximization. Finallyour research tries to approximate our model to the residential location model throughthe specified assumptions on initial endowments and agent’s preference, and it derivessome properties of equilibrium consumptions and prices.
|Date of creation:||Feb 2006|
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- Turnbull Geoffrey K., 1993. "The Substitution Theorem in Urban Consumer Theory," Journal of Urban Economics, Elsevier, vol. 33(3), pages 331-343, May.
- Wheaton, William C., 1974. "A comparative static analysis of urban spatial structure," Journal of Economic Theory, Elsevier, vol. 9(2), pages 223-237, October.
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