Excess demand functions, equilibrium prices, and existence of equilibrium
Publication in refereed journal


香港中文大学研究人员 ( 现职)

黄锦就教授 (经济学系)

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数位物件识别号 (DOI) ○○@http://aims.cuhk.edu.hk/converis/portal/Publication/2$@○○

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Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/2WOS source URL

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摘要For continuous aggregate excess demand functions of economies, the existing literature (e.g. Sonnenschein (197http://aims.cuhk.edu.hk/converis/portal/Publication/2, 1973), Mantel (1974), Debreu (1974), Mas-Colell (1977), etc.) achieves a complete characterization only when the functions are defined on special subsets of positive prices. In this paper, we allow the functions to be defined on a larger class of price sets, (allowing, for example the closed unit simplex, including its boundary). Besides characterizing excess demands for a larger class of economies, our extension provides a useful tool for proving other results. It allows us to characterize the equilibrium price set for a larger class of economies. It also permits extending Uzawa's observation (196http://aims.cuhk.edu.hk/converis/portal/Publication/2), by showing that Brouwer's Fixed-Point Theorem is implied by the Arrow-Debreu Equilibrium Existence Theorem (1954, Theorem I).

着者Wong KC
期刊名称ECONOMIC THEORY
出版年份1997
月份6
日期1
卷号10
期次1
出版社SPRINGER VERLAG
页次39 - 54
国际标準期刊号0938-http://aims.cuhk.edu.hk/converis/portal/Publication/2http://aims.cuhk.edu.hk/converis/portal/Publication/259
语言英式英语

Web of Science 学科类别Business & Economics; Economics; ECONOMICS