Multiplicity of Equilibria
A pure exchange, general equilibrium model is considered and the equilibrium set is studied. It is shown for all total endowments and an open and dense set of preferences that if there arel2 commodities andm2 consumers then there exists a set of distributions of endowments with nonempty interior such that the associated economies have at leastl-1+min{l, m} equilibria forl+min{l, m} even and at leastl-2+min{l, m} equilibria forl+min{l, m} odd.
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| Length: | 15 pages |
| Date of creation: | Dec 1996 |
| Date of revision: | |
| Publication status: | Published in: Journal of Economic Theory, 1997, 75(1) pp 1-15 |
| Handle: | RePEc:kud:kuiedp:9617 |
| Contact details of provider: | Postal: Phone: (+45) 35 32 30 10 Fax: +45 35 32 30 00 Web page: http://www.econ.ku.dkEmail: More information through EDIRC
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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"Comparative Statics and Perfect Foresight in Infinite Horizon Economies,"
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- Timothy J Kehoe & David K Levine, 1985. "Comparative Statics and Perfect Foresight in Infinite Horizon Economies," Levine's Working Paper Archive 1873, David K. Levine.
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Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva
88.03, Institut d'Economie et Econométrie, Université de Genève.
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- Yves Balasko & David Cass & Karl Shell, 1990. "Market Participation and Sunspot Equilibria," Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva 90.03, Institut d'Economie et Econométrie, Université de Genève.
- Ghiglino, Christian & Tvede, Mich, 1995.
"Endowments, stability, and fluctuations in OG models,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 19(3), pages 621-653, April.
- Christian Ghiglino & Mich Tvede, 1993. "Endowments, Stability and Fluctuations in OG Models," Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva 93.04, Institut d'Economie et Econométrie, Université de Genève.
- Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
- Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
- Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
- Spear, Stephen E. & Srivastava, Sanjay & Woodford, Michael, 1990. "Indeterminacy of stationary equilibrium in stochastic overlapping generations models," Journal of Economic Theory, Elsevier, vol. 50(2), pages 265-284, April.
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