The existence of equilibrium in a simple exchange model
This paper gives a new proof of the existence of equilibrium in a simple model of an exchange economy. We first formulate and prove a simple combinatorial lemma and then we use it to prove the existence of equilibrium. The combinatorial lemma allows us to derive an algorithm for the computation of equilibria. Though the existence theorem is formulated for functions defined on open simplices it is equivalent to the Brouwer fixed point theorem.
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|Date of revision:||Apr 2013|
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- Mackowiak, Piotr, 2010.
"The existence of equilibrium without fixed-point arguments,"
Journal of Mathematical Economics,
Elsevier, vol. 46(6), pages 1194-1199, November.
- Maćkowiak, Piotr, 2010. "The existence of equilibrium without fixed-point arguments," MPRA Paper 42044, University Library of Munich, Germany, revised 04 Sep 2010.
- Mas-Colell, Andreu, 1977. "On the equilibrium price set of an exchange economy," Journal of Mathematical Economics, Elsevier, vol. 4(2), pages 117-126, August.
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