RT Journal Article
T1 Offer curves and uniqueness of competitive equilibrium
A1 Giménez Fernández, Eduardo Luis
K1 1299 Otras Especialidades Matemáticas
AB We establish sufficient conditions to guarantee the uniqueness of competitive equilibrium by properly restricting the distribution of endowments and preference profiles in a two-commodity, two-agent exchange economy. If agents’ offer curves share a common directional monotonicity property –i.e., at least one commodity is always normal for all agents–, then competitive equilibrium is unique. If not, we can provide testable geometric conditions for uniqueness by restricting the support of the distributions of individuals’ preferences and endowments that characterize the agents’ offer curves. The conditions are checked in well-known utility representations of preferences commonly used in the literature to illustrate the failure of uniqueness of equilibrium.
PB Journal of Mathematical Economics
SN 03044068
YR 2022
FD 2022-01
LK http://hdl.handle.net/11093/3036
UL http://hdl.handle.net/11093/3036
LA eng
NO Journal of Mathematical Economics, 98: 102575 (2022)
NO Financiado para publicación en acceso aberto: Universidade de Vigo/CISUG
NO Agencia Estatal de Investigación | Ref. PID2020-118119GB-I00
DS Investigo
RD 14-dic-2024