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

Creator Series Issue number
  • 400
Date Created
  • 1988-10
  • 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) Mot-clé Related information Date Modified
  • 09/04/2019
Corporate Author
  • Federal Reserve Bank of Minneapolis. Research Department
  • Federal Reserve Bank of Minneapolis
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