The existence of equilibrium in a simple exchange model

This paper gives a new proof of the existence of equilibrium in a simple model of an exchange economy. We first formulate and prove a simple combinatorial lemma and then we use it to prove the existence of equilibrium. The combinatorial lemma allows us to derive an algorithm for the computation of equilibria. Though the existence theorem is formulated for functions defined on open simplices it is equivalent to the Brouwer fixed point theorem.

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Year of publication:	2013-01
Authors:	Maćkowiak, Piotr
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	Simple exchange model \| equilibrium existence \| zero of a function \| fixed point \| computation of equilibria \| simplicial methods

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Extent:	application/pdf
Series:	MPRA Paper.
Type of publication:	Book / Working Paper
Classification:	C62 - Existence and Stability Conditions of Equilibrium ; D51 - Exchange and Production Economies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011260434