Existence of competitive equilibrium in an optimal growth model with heterogeneous agents and endogenous leisure

This paper proves the existence of competitive equilibrium in a single sector dynamic economy with heterogeneous agents and elastic labor supply. The method of proof relies on some recent results concerning the existence of Lagrange multipliers in inï¬nite dimensional spaces and their representation as a summable sequence and a direct application of the Brouwer ï¬xed point theorem.

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Year of publication:	2008-06
Authors:	Van, Cuong Le ; Nguyen, Manh-Hung
Institutions:	Development and Policies Research Center (Depocen)
Subject:	Optimal growth model \| Lagrange multipliers \| Competitive equilibrium \| Elastic labor supply

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Notes:	Number 27 23 pages
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; D51 - Exchange and Production Economies ; E13 - Neoclassical ; O41 - One, Two, and Multisector Growth Models
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004968662