On the existence of price equilibria in dynamic economies
For years, studies of competitive equilibrium were boiled down to static models, with finite numbers of agents and goods. On the basis of the papers by \textit{L. McKenzie} [Econometrica 49, 819-841 (1981; Zbl 0461.90008)] and \textit{C. A. Wilson} [J. Econ. Theory 24, 95-111 (1981; Zbl 0476.90009)] the author extends the theory of competitive equilibrium to a class of dynamic economic models with infinite numbers of agents and goods. The author applies McKenzie's idea to prove the existence of an equilibrium state. In the theorem assumptions concerning the irreducibility, continuity and convexity are employed which are weaker than McKenzie's.
scientific article; zbMATH DE number 4060946
scientific article