IDEAS home Printed from https://ideas.repec.org/p/tiu/tiutis/a581166f-d9d3-489a-b48e-aa27a42e664c.html
   My bibliography  Save this paper

The computation of a continuum of constrained equilibria

Author

Listed:
  • Herings, P.J.J.

    (Tilburg University, School of Economics and Management)

  • Talman, A.J.J.

    (Tilburg University, School of Economics and Management)

  • Zang, Z.

Abstract

The equilibria of a model of an exchange economy with price rigidities are called constrained equilibria. A simplicial algorithm on the unit cube is proposed to compute an approximation of a continuum of zero points of the excess demand correspondence of such an economy. This continuum of zero points corresponds to a continuum of constrained equilibria of the economy, linking the two so-called trivial equilibria. Moreover, the convergence properties of the algorithm and the accuracy of the approximate constrained equilibria obtained by the algorithm are discussed. Finally, an example is given as an illustration.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this i
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Herings, P.J.J. & Talman, A.J.J. & Zang, Z., 1994. "The computation of a continuum of constrained equilibria," Other publications TiSEM a581166f-d9d3-489a-b48e-a, Tilburg University, School of Economics and Management.
    • Handle: RePEc:tiu:tiutis:a581166f-d9d3-489a-b48e-aa27a42e664c
    as

    Download full text from publisher

    File URL: https://pure.uvt.nl/ws/portalfiles/portal/1126294/JJHDTZY5618247.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Kaneko, Mamoru & Yamamoto, Yoshitsugu, 1986. "The existence and computation of competitive equilibria in markets with an indivisible commodity," Journal of Economic Theory, Elsevier, vol. 38(1), pages 118-136, February.
    2. Cornielje, O. J. C. & Van Der Laan, G., 1986. "The computation of quantity-constrained equilibria by virtual taxes," Economics Letters, Elsevier, vol. 22(1), pages 1-6.
    3. Unknown, 1986. "Letters," Choices: The Magazine of Food, Farm, and Resource Issues, Agricultural and Applied Economics Association, vol. 1(4), pages 1-9.
    4. Herings, P.J.J., 1992. "On the structure of constrained equilibria," Other publications TiSEM 4c64f078-57cf-43ea-aee2-f, Tilburg University, School of Economics and Management.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dolf Talman & Zaifu Yang, 2012. "On a Parameterized System of Nonlinear Equations with Economic Applications," Journal of Optimization Theory and Applications, Springer, vol. 154(2), pages 644-671, August.
    2. Talman, A.J.J. & Yamamoto, M., 2001. "Contiuum of Zero Points of a Mapping on a Compact Convex Set," Discussion Paper 2001-56, Tilburg University, Center for Economic Research.
    3. Kazuya Kamiya & So Kubota & Kayuna Nakajima, 2011. "Efficient estimation and particle filter for max-stable processes," CIRJE F-Series CIRJE-F-792, CIRJE, Faculty of Economics, University of Tokyo.
    4. Herings, P. Jean-Jacques & van der Laan, Gerard & Talman, Dolf, 2009. "Equilibria with coordination failures," Journal of Mathematical Economics, Elsevier, vol. 45(1-2), pages 23-37, January.
    5. Talman, A.J.J. & Yang, Z.F., 2003. "On the Connectedness of Coincidences and Zero Points of Mappings," Other publications TiSEM b061dd09-2b7f-4fe3-af6e-d, Tilburg University, School of Economics and Management.
    6. Herings, P.J.J. & Talman, A.J.J. & Yang, Z.F., 1999. "Variational Inequality Problems With a Continuum of Solutions : Existence and Computation," Other publications TiSEM 73e2f01b-ad4d-4447-95ba-a, Tilburg University, School of Economics and Management.
    7. Andersson, Tommy & Yang, Zaifu & Zhang, Dongmo, 2015. "How to efficiently allocate houses under price controls?," Economics Letters, Elsevier, vol. 130(C), pages 97-99.
    8. Kazuya Kamiya & Takashi Shimizu, 2005. "A New Technique for Proving the Existence of Monetary Equilibria in Matching Models with Divisible Money," CARF F-Series CARF-F-037, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    9. Herings, P. Jean-Jacques & van den Elzen, Antoon, 2002. "Computation of the Nash Equilibrium Selected by the Tracing Procedure in N-Person Games," Games and Economic Behavior, Elsevier, vol. 38(1), pages 89-117, January.
    10. Xiaotie Deng & Qi Qi & Amin Saberi & Jie Zhang, 2011. "Discrete Fixed Points: Models, Complexities, and Applications," Mathematics of Operations Research, INFORMS, vol. 36(4), pages 636-652, November.
    11. Talman, A.J.J. & Yang, Z.F., 2008. "A dynamic auction for differentiated items under price rigidity," Other publications TiSEM dbce61c1-07fd-4e95-a9c1-4, Tilburg University, School of Economics and Management.
    12. Kazuya Kamiya & Takashi Shimizu, 2004. "Real Indeterminacy of Stationary Equilibria in Matching Models with Media of Exchange," CIRJE F-Series CIRJE-F-167, CIRJE, Faculty of Economics, University of Tokyo.
    13. Herings, P.J.J. & van der Laan, G. & Talman, A.J.J., 1998. "Price-Quantity Adjustment in a Keynesian Economy," Discussion Paper 1998-118, Tilburg University, Center for Economic Research.
    14. Talman, Dolf & Yang, Zaifu, 2008. "A dynamic auction for differentiated items under price rigidities," Economics Letters, Elsevier, vol. 99(2), pages 278-281, May.
    15. Babenko, R. & Talman, A.J.J., 2006. "Quantity Constrained General Equilibrium," Other publications TiSEM 393bf7c1-3045-4a3b-b3c3-5, Tilburg University, School of Economics and Management.
    16. P. J. J. Herings & G. A. Koshevoy & A. J. J. Talman & Z. Yang, 2004. "General Existence Theorem of Zero Points," Journal of Optimization Theory and Applications, Springer, vol. 120(2), pages 375-394, February.
    17. P. J. J. Herings & A. J. J. Talman, 1998. "Intersection Theorems with a Continuum of Intersection Points," Journal of Optimization Theory and Applications, Springer, vol. 96(2), pages 311-335, February.
    18. Kamiya, Kazuya & Talman, Dolf, 2009. "Matching models with a conservation law: The existence and global structure of the set of stationary equilibria," Journal of Mathematical Economics, Elsevier, vol. 45(5-6), pages 397-413, May.
    19. van den Elzen, Antoon & Kremers, Hans, 2006. "An adjustment process for nonconvex production economies," Journal of Mathematical Economics, Elsevier, vol. 42(1), pages 1-13, February.
    20. van den Elzen, Antoon, 1997. "An adjustment process for the standard Arrow-Debreu model with production," Journal of Mathematical Economics, Elsevier, vol. 27(3), pages 315-324, April.
    21. Zaifu Yang & Dongmo Zhang, 2013. "On a Fundamental Property of Talman-Yang's Auction under Price Control," Discussion Papers 13/06, Department of Economics, University of York.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cornielje, O.J.C. & Zeelenberg, C., 1989. "Excess demand in the Keller model," Serie Research Memoranda 0076, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    2. Ruys, P.H.M. & van der Laan, G., 1987. "Computation of an industrial equilibrium," Research Memorandum FEW 257, Tilburg University, School of Economics and Management.
    3. van der Laan, G. & Ruys, P.H.M. & Talman, A.J.J., 2000. "Optimal Provision of Infrastructure Using Public-Private Partnership Contracts," Discussion Paper 2000-126, Tilburg University, Center for Economic Research.
    4. Król, Michał, 2012. "Product differentiation decisions under ambiguous consumer demand and pessimistic expectations," International Journal of Industrial Organization, Elsevier, vol. 30(6), pages 593-604.
    5. G. Sujatha, 2018. "‘Is It Family or Politics?’ Reflections on Gender and the Modern Tamil Subjectivity Constitution in the Discourse of C. N. Annadurai," Studies in Indian Politics, , vol. 6(2), pages 267-281, December.
    6. repec:dgr:rugsom:04a27 is not listed on IDEAS
    7. Sergio Sousa, 2010. "Small-scale changes in wealth and attitudes toward risk," Discussion Papers 2010-11, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    8. Laczó, Sarolta & Rossi, Raffaele, 2020. "Time-consistent consumption taxation," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 194-220.
    9. Pratap, Sangeeta & Urrutia, Carlos, 2004. "Firm dynamics, investment and debt portfolio: balance sheet effects of the Mexican crisis of 1994," Journal of Development Economics, Elsevier, vol. 75(2), pages 535-563, December.
    10. D’Erasmo, P. & Mendoza, E.G. & Zhang, J., 2016. "What is a Sustainable Public Debt?," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 2493-2597, Elsevier.
    11. Alain Egli, 2005. "Hotelling's Beach with Linear and Quadratic Transportation Costs: Existence of Pure Strategy Equilibria," Diskussionsschriften dp0509, Universitaet Bern, Departement Volkswirtschaft.
    12. Matteo Iacoviello, 2008. "Household Debt and Income Inequality, 1963–2003," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(5), pages 929-965, August.
    13. Goh, Kim-Leng & King, Maxwell L., 1996. "Modified Wald tests for non-linear restrictions: A cautionary tale," Economics Letters, Elsevier, vol. 53(2), pages 133-138, November.
    14. Ken Miyajima, 2013. "Foreign exchange intervention and expectation in emerging economies," BIS Working Papers 414, Bank for International Settlements.
    15. Alisdair McKay, 2011. "Household Saving Behavior and Social Security Privatization," Boston University - Department of Economics - Working Papers Series WP2011-027, Boston University - Department of Economics.
    16. Massimo A. De Francesco, 2003. "On a property of mixed strategy equilibria of the pricing game," Economics Bulletin, AccessEcon, vol. 4(30), pages 1-8.
    17. Neely, Christopher J. & Weller, Paul, 2000. "Predictability in International Asset Returns: A Reexamination," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 35(4), pages 601-620, December.
    18. Mika Meitz & Pentti Saikkonen, 2008. "Stability of nonlinear AR‐GARCH models," Journal of Time Series Analysis, Wiley Blackwell, vol. 29(3), pages 453-475, May.
    19. De Bonis, Valeria, 1997. "Regional integration and factor income taxation," Policy Research Working Paper Series 1849, The World Bank.
    20. Gantner, Anita & Horn, Kristian & Kerschbamer, Rudolf, 2016. "Fair and efficient division through unanimity bargaining when claims are subjective," Journal of Economic Psychology, Elsevier, vol. 57(C), pages 56-73.
    21. Salisu, Afees A. & Ademuyiwa, Idris & Isah, Kazeem O., 2018. "Revisiting the forecasting accuracy of Phillips curve: The role of oil price," Energy Economics, Elsevier, vol. 70(C), pages 334-356.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tiu:tiutis:a581166f-d9d3-489a-b48e-aa27a42e664c. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Richard Broekman (email available below). General contact details of provider: https://www.tilburguniversity.edu/about/schools/economics-and-management/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.