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The existence of equilibrium when excess demand obeys the weak axiom

  • John K.-H. Quah

    ()

    (Department of Economics, Oxford University)

This paper gives a non-fixed point theoretic proof of equilibrium existence when the excess demand function of an exchange economy obeys the weak axiom. The proof is simple and geometrically intuitive, and it also permits a weakening of the continuity assumption on the excess demand function. (This paper is a more developed and (one hopes) improved version of an earlier working paper called An Elementary Equilibrium Existence Theorem, Working Paper W6 (2000), Nuffield College, Oxford.)

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File URL: http://www.nuff.ox.ac.uk/economics/papers/2004/w7/demandobeys.pdf
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Paper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 2004-W07.

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Length: 13 pages
Date of creation: 05 Mar 2004
Date of revision:
Handle: RePEc:nuf:econwp:047
Contact details of provider: Web page: http://www.nuff.ox.ac.uk/economics/

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  1. Quah, J.K.-H., 2000. "Weak Axiomatic Demand Theory," Economics Papers 2000-w12, Economics Group, Nuffield College, University of Oxford.
  2. Michael Jerison, 1998. "Dispersed Excess Demands, the Weak Axiom and Uniqueness of Equilibrium," Discussion Papers 98-03, University at Albany, SUNY, Department of Economics.
  3. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, March.
  4. John K.-H. Quah, 1997. "The Law of Demand when Income Is Price Dependent," Econometrica, Econometric Society, vol. 65(6), pages 1421-1442, November.
  5. Quah, John K. -H., 2003. "Market demand and comparative statics when goods are normal," Journal of Mathematical Economics, Elsevier, vol. 39(3-4), pages 317-333, June.
  6. Shafer, Wayne J, 1974. "The Nontransitive Consumer," Econometrica, Econometric Society, vol. 42(5), pages 913-19, September.
  7. Barbolla, Rosa & Corchon, Luis C, 1989. "An Elementary Proof of the Existence of a Competitive Equilibrium in a Special Case," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 385-89, May.
  8. John Quah, 1999. "The Weak Axiom and Comparative Statics," Economics Series Working Papers 1999-W15, University of Oxford, Department of Economics.
  9. Reinhard John, 1999. "Abraham Wald's equilibrium existence proof reconsidered," Economic Theory, Springer, vol. 13(2), pages 417-428.
  10. Michael Jerison & John K.-H. Quah, 2006. "Law of Demand," Discussion Papers 06-07, University at Albany, SUNY, Department of Economics.
  11. Nachbar, John H., 2004. "General equilibrium comparative statics: discrete shocks in production economies," Journal of Mathematical Economics, Elsevier, vol. 40(1-2), pages 153-163, February.
  12. John H. Nachbar, 2002. "General Equilibrium Comparative Statics," Econometrica, Econometric Society, vol. 70(5), pages 2065-2074, September.
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