Determinacy of Equilibria in Dynamic Models with Finitely Many Consumers Público Deposited

Creator Series Issue number
  • 400
Date Created
  • 1988-10
Abstract
  • We consider a production economy with a finite number of heterogeneous, infinitely lived consumers. We show that, if the economy is smooth enough, equilibria are locally unique for almost all endowments. We do so by converting the infinite dimensional fixed point problem stated in terms of prices and commodities into a finite dimensional Negishi problem involving individual weights in a social value function. By adding a set of artificial fixed factors to utility and production functions, we can write the equilibrium conditions equating spending and income for each consumer entirely in terms of time zero factor endowments and derivatives of the social value function.

Subject (JEL) Palabra Clave Date Modified
  • 07/15/2019
Corporate Author
  • Federal Reserve Bank of Minneapolis. Research Department
Publisher
  • Federal Reserve Bank of Minneapolis
Resource type
License

Relaciones

En Collection:
Última modificación

Contenido Descargable

Descargar PDF

Zipped Files

Download a zip file that contains all the files in this work.

Elementos