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A Note on Equilibrium with Capital Goods, Storage and Production

Author

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  • Galeazzo Impicciatore
  • Luca Panaccione

Abstract

In this paper, we study a two-period economy with production, capital goods and storage. For this economy, we propose a suitable equilibrium concept, and we prove existence of equilibrium. We also show that equality of rates of return for stored capital goods endogenously emerges as a consequence of consumers’ optimizing behavior.

Suggested Citation

  • Galeazzo Impicciatore & Luca Panaccione, 2007. "A Note on Equilibrium with Capital Goods, Storage and Production," Working Papers in Public Economics 99, Department of Economics and Law, Sapienza University of Roma.
    • Handle: RePEc:sap:wpaper:wp99
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    References listed on IDEAS

    as
    1. Todd, Michael J., 1979. "A note on computing equilibria in economies with activity analysis models of production," Journal of Mathematical Economics, Elsevier, vol. 6(2), pages 135-144, July.
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    1. Galeazzo Impicciatore & Luca Panaccione & Francesco Ruscitti, 2009. "Intertemporal Equilibrium and Walras' Theory of Capital: a Projection Based Approach," Working Papers in Public Economics 121, University of Rome La Sapienza, Department of Economics and Law.
    2. Galeazzo Impicciatore & Luca Panaccione & Francesco Ruscitti, 2012. "Walras’ theory of capital formation: an intertemporal equilibrium reformulation," Journal of Economics, Springer, vol. 106(2), pages 99-118, June.

    More about this item

    Keywords

    Capital goods; storage; existence; equality of rates of return.;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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