The existence of equilibrium without fixed-point arguments
This paper gives a proof of the existence of general equilibrium without the use of a fixed point theorem. Unlike other results of this type, the conditions we use do not imply that the set of equilibrium prices is convex. We use an assumption on the excess demand correspondence that is related to, but weaker than, the weak axiom of revealed preference (WARP). The proof is carried out for compact and convex valued upper hemicontinuous excess demand correspondences satisfying this WARP-related condition and some other standard conditions. We also provide an algorithm for finding equilibrium prices.
|Date of creation:||29 Mar 2010|
|Date of revision:||04 Sep 2010|
|Publication status:||Published in The existence of equilibrium without fixed-point arguments 6.46(2010): pp. 1194-1199|
|Contact details of provider:|| Postal: |
Web page: https://mpra.ub.uni-muenchen.de
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- John K.-H. Quah, 2004. "The existence of equilibrium when excess demand obeys the weak axiom," Economics Papers 2004-W07, Economics Group, Nuffield College, University of Oxford.
- John Quah, 2004. "The existence of equilibrium when excess demand obeys the weak axiom," Economics Series Working Papers 2004-W07, University of Oxford, Department of Economics.
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- Michael Jerison & John K.-H. Quah, 2006. "Law of Demand," Discussion Papers 06-07, University at Albany, SUNY, Department of Economics.
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