, ; ; ; "ActiveFedora::Aggregation::ListSource" . ; . a , ; "Constructing Pure-Exchange Economies with Many Equilibria"; ; "kate.s.hansel@mpls.frb.org"; "Federal Reserve Bank of Minneapolis"; "Multiplicity of equilibrium", "Computation of equilibrium", "Uniqueness of equilibrium"; "C63 - Computational Techniques; Simulation Modeling", "C60 - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling: General", "D51 - Exchange and Production Economies", "C62 - Existence and Stability Conditions of Equilibrium"; "We develop a restart algorithm based on Scarf’s (1973) algorithm for computing approximate Brouwer fixed points. We use the algorithm to compute all of the equilibria of a general equilibrium pure-exchange model with four consumers, four goods, and 15 equilibria. The mathematical result that motivates the algorithm is a fixed-point index theorem that provides a sufficient condition for uniqueness of equilibrium and a necessary condition for multiplicity of equilibria. Examining the structure of the model with 15 equilibria provides us with a method for constructing higher dimensional models with even more equilibria. For example, using our method, we can construct a pure-exchange economy with eight consumers and eight goods that has (at least) 255 equilibria."^^; "2021-12-13"; "2021-12-13T17:53:17.947749126+00:00"^^; ; "https://doi.org/10.21034/sr.631"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2023-03-01T16:24:51.746929297+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "906", "394", "907"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "631"; "Computation of equilibrium", "Multiplicity of equilibrium", "Uniqueness of equilibrium"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Economic Theory_ (Vol. 73, Iss. 2-3, April 2022, pp. 541-564), https://doi.org/10.1007/s00199-021-01406-0."^^; ; "Publication" . ; ; . ; ; ; .