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The Lagrange multipliers and existence of competitive equilibrium in an intertemporal model with endogenous leisure

This paper proves the existence of competitive equilibrium in a single sector dynamic economy with elastic labor supply. The method of proof relies on some recent results (see Le Van and Saglam [2004]) concerning the existence of Lagrange multipliers in infinite dimensional spaces and their representation as a summable sequence.

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File URL: ftp://mse.univ-paris1.fr/pub/mse/cahiers2005/B05041.pdf
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Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number b05041.

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Length: 16 pages
Date of creation: Jan 2005
Date of revision:
Handle: RePEc:mse:wpsorb:b05041
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  1. Greenwood Jeremy & Huffman Gregory W., 1995. "On the Existence of Nonoptimal Equilibria in Dynamic Stochastic Economies," Journal of Economic Theory, Elsevier, vol. 65(2), pages 611-623, April.
  2. Mas-Colell, Andreu, 1986. "The Price Equilibrium Existence Problem in Topological Vector Lattice s," Econometrica, Econometric Society, vol. 54(5), pages 1039-53, September.
  3. Datta, Manjira & Mirman, Leonard J. & Reffett, Kevin L., 2002. "Existence and Uniqueness of Equilibrium in Distorted Dynamic Economies with Capital and Labor," Journal of Economic Theory, Elsevier, vol. 103(2), pages 377-410, April.
  4. Mas-Colell, Andreu & Zame, William R., 1991. "Equilibrium theory in infinite dimensional spaces," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 34, pages 1835-1898 Elsevier.
  5. Le Van, Cuong & Cagri Saglam, H., 2004. "Optimal growth models and the Lagrange multiplier," Journal of Mathematical Economics, Elsevier, vol. 40(3-4), pages 393-410, June.
  6. LE VAN, Cuong & VAILAKIS, Yiannis, . "Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment," CORE Discussion Papers RP -1762, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Florenzano Monique, 1982. "On the existence of equilibria in economies with an infinite dimensional commodity space," CEPREMAP Working Papers (Couverture Orange) 8217, CEPREMAP.
  8. Peleg, Bezalel & Yaari, Menahem E, 1970. "Markets with Countably Many Commodities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 11(3), pages 369-77, October.
  9. Coleman, Wilbur II, 1997. "Equilibria in Distorted Infinite-Horizon Economies with Capital and Labor," Journal of Economic Theory, Elsevier, vol. 72(2), pages 446-461, February.
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