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"Multiplicity of Equilibria''

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  • Christian Ghiglino
  • Mich Tvede

Abstract

A pure exchange, general equilibrium model is considered and the equilibrium set is studied. It is shown for all total endowments and an open and dense set of preferences that if there arel2 commodities andm2 consumers then there exists a set of distributions of endowments with nonempty interior such that the associated economies have at leastl-1+min{l, m} equilibria forl+min{l, m} even and at leastl-2+min{l, m} equilibria forl+min{l, m} odd.
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  • Christian Ghiglino & Mich Tvede, "undated". ""Multiplicity of Equilibria''," CARESS Working Papres 96-01, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
    • Handle: RePEc:wop:pennca:96-01
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    File URL: http://www.ssc.upenn.edu/econ/CARESS/CARESSpdf/96-01.pdf
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    References listed on IDEAS

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    7. Sonnenschein, Hugo, 1973. "Do Walras' identity and continuity characterize the class of community excess demand functions?," Journal of Economic Theory, Elsevier, vol. 6(4), pages 345-354, August.
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    Cited by:

    1. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875.
    2. Ghiglino, Christian, 2002. "Introduction to a General Equilibrium Approach to Economic Growth," Journal of Economic Theory, Elsevier, vol. 105(1), pages 1-17, July.
    3. Hervé Crès & Tobias Markeprand & Mich Tvede, 2016. "Incomplete financial markets and jumps in asset prices," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 62(1), pages 201-219, June.
    4. Hervé Crès & Mich Tvede, 2023. "Corporate self-regulation of imperfect competition," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(4), pages 1181-1205, May.
    5. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.

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    More about this item

    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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