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On the structure of the set of fixed price equilibria

Laroque, G.; Polemarchakis, H.; (1978) On the structure of the set of fixed price equilibria. Journal of Mathematical Economics , 5 (1) pp. 53-69. 10.1016/0304-4068(78)90005-8.

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Abstract

Working in the framework suggested by Drèze, this paper studies the number of fixed price equilibria and their continuity with respect to the price system. In an exchange economy, the concept of a rationing scheme is introduced, which specifies how shortages are shared among agents. For given utility functions and a given rationing scheme, under standard assumptions, an existence theorem is recalled, and it is shown that the graph of the equilibrium correspondence, when prices and initial endowments vary, is a piecewise continuously differentiable manifold. Moreover, generically, the number of equilibria for an economy, at given prices, is finite and the set of equilibria varies continuously with the price system and the initial endowments.

Type: Article
Title: On the structure of the set of fixed price equilibria
DOI: 10.1016/0304-4068(78)90005-8
Publisher version: http://dx.doi.org/10.1016/0304-4068(78)90005-8
Language: English
UCL classification: UCL > School of Arts and Social Sciences > Faculty of Social and Historical Sciences > Economics
URI: http://discovery.ucl.ac.uk/id/eprint/16702
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