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Equilibrium Structure of Production Economies with Uncertainty: The Natural Projection Approach

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  • Pascal Stiefenhofer

Abstract

The paper generalizes the natural projection approach introduced by Balasko (1988) to production economies with uncertainty. It explores the equilibrium structure of the long run and short run private ownership production model. It is shown that qualitative equilibrium properties of the production model are those of the exchange model with production adjusted demand functions.

Suggested Citation

  • Pascal Stiefenhofer, 2011. "Equilibrium Structure of Production Economies with Uncertainty: The Natural Projection Approach," Discussion Papers 11/07, Department of Economics, University of York.
  • Handle: RePEc:yor:yorken:11/07
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    File URL: https://www.york.ac.uk/media/economics/documents/discussionpapers/2011/1107.pdf
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    References listed on IDEAS

    as
    1. Balasko, Yves & Cass, David, 1989. "The Structure of Financial Equilibrium with Exogenous Yields: The Case of Incomplete Markets," Econometrica, Econometric Society, vol. 57(1), pages 135-162, January.
    2. Balasko, Yves, 1975. "The Graph of the Walras Correspondence," Econometrica, Econometric Society, vol. 43(5-6), pages 907-912, Sept.-Nov.
    3. Balasko, Yves, 1978. "Equilibrium analysis and envelope theory," Journal of Mathematical Economics, Elsevier, vol. 5(2), pages 153-172, September.
    4. Yves Balasko, 2009. "The Equilibrium Manifold: Postmodern Developments in the Theory of General Economic Equilibrium," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026546, January.
    5. Jouini, Elyes, 1993. "The graph of the Walras correspondence : The production economies case," Journal of Mathematical Economics, Elsevier, vol. 22(2), pages 139-147.
    6. Balasko, Yves & Cass, David & Siconolfi, Paolo, 1990. "The structure of financial equilibrium with exogenous yields : The case of restricted participation," Journal of Mathematical Economics, Elsevier, vol. 19(1-2), pages 195-216.
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    More about this item

    Keywords

    Existence of Equilibrium; Equilibrium Structure; Uncertainty; Production.;

    JEL classification:

    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets

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