The existence of equilibrium when excess demand obeys the weak axiom
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 entitled An Elementary Equilibrium Existence Theorem, Working Paper W6 (2000), Nuffield College, Oxford.)
|Date of creation:||01 Feb 2004|
|Date of revision:|
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Web page: http://www.economics.ox.ac.uk/
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- John H. Nachbar, 2002. "General Equilibrium Comparative Statics," Econometrica, Econometric Society, vol. 70(5), pages 2065-2074, September.
- Michael Jerison & John K.-H. Quah, 2006. "Law of Demand," Discussion Papers 06-07, University at Albany, SUNY, Department of Economics.
- Reinhard John, 1999. "Abraham Wald's equilibrium existence proof reconsidered," Economic Theory, Springer, vol. 13(2), pages 417-428.
- 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.
- John K.-H. Quah, 1997. "The Law of Demand when Income Is Price Dependent," Econometrica, Econometric Society, vol. 65(6), pages 1421-1442, November.
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