On the existence of price equilibria in dynamic economies
type: Item
instance of: scholarly article
title: On the existence of price equilibria in dynamic economies
zbMATH Open document ID: 0649.90023
DOI: 10.1016/0022-0531(88)90005-1
published in: Journal of Economic Theory
publication date: 1988-01-01T00:00:00Z
review text: 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.
Mathematics Subject Classification ID: 91B50
Mathematics Subject Classification ID: 91B62
Mathematics Subject Classification ID: 91B24
zbMATH DE Number: 4060946
zbMATH Keywords: transfer equilibrium
zbMATH Keywords: competitive equilibrium
zbMATH Keywords: dynamic economic models
zbMATH Keywords: infinite numbers of agents and goods
author: Jonathan L. Burke
reviewed by: Emil Panek
MaRDI profile type: Publication
full work available at URL: 0022-0531(88)90005-1
OpenAlex ID: W2057009604
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cites work: Q4064159
cites work: Equilibrium in dynamic models with an infinity of agents
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description: scientific article; zbMATH DE number 4060946