Quah, John K.-H. - In: Econometrica 65 (1997) 6, pp. 1421-1442
This paper establishes a set of conditions for the uniqueness and stability of the equilibrium price in exchange and production economies. Building on the earlier work of J. M. Grandmont and W. Hildenbrand, it shows that increasing heterogeneity in preferences (in some well-defined sense) causes...