A study of the dynamic of influence through differential equations.
This paper proves the existence of competitive equilibrium in a single-sector dynamic economy with heterogeneous agents, elastic labor supply and complete assets markets. The method of proof relies on some recent results concerning the existence of Lagrande multipliers in infinite dimensional spaces and their representation as a summable sequence and a direct application of the inward boundary fixed point theorem.
Year of publication: |
2011-04
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Authors: | Goenka, Aditya ; Van, Cuong Le ; Nguyen, Manh-Hung |
Institutions: | Centre d'Économie de la Sorbonne, Université Paris 1 (Panthéon-Sorbonne) |
Subject: | Optimal growth model | Lagrange multipliers | competitive equilibrium | individually rational pareto optimum | elastic labor supply |
Saved in:
freely available
Extent: | application/pdf |
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Series: | Documents de travail du Centre d'Economie de la Sorbonne. - ISSN 1955-611X. |
Type of publication: | Book / Working Paper |
Language: | English |
Notes: | 20 pages |
Classification: | C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; D51 - Exchange and Production Economies ; E13 - Neoclassical ; O41 - One, Two, and Multisector Growth Models |
Source: |
Persistent link: https://www.econbiz.de/10009003749