Intertemporal Equilibrium and Walras' Theory of Capital: a Projection Based Approach

In this paper we analyze the intertemporal competitive equilibrium of a walrasian model of capital accumulation. We prove the existence of equilibria by generalizing a result of Todd (1979). We overcome the indeterminacy in savings allocation to multiple types of capital goods by introducing a decreasing-return-to-scale storage technology. We Â…nally verify that, for stored capital goods, equality of rates of returns is satisÂ…ed in equilibrium.

MoreLess

Year of publication:	2009-05
Authors:	Impicciatore, Galeazzo ; Panaccione, Luca ; Ruscitti, Francesco
Institutions:	Dipartimento di Economia e Diritto, Facoltà di Economia
Subject:	Walras \| Capital Goods \| Activity Analysis \| General Equilibrium

More details

Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 121 2 pages long
Classification:	B21 - Microeconomics ; C60 - Mathematical Methods and Programming. General ; C62 - Existence and Stability Conditions of Equilibrium ; D51 - Exchange and Production Economies
Source:	RePEc - Research Papers in Economics

Persistent link: https://ebvufind01.dmz1.zbw.eu/10009649999