On variational stability in competitive economies
type: Item
instance of: scholarly article
title: On variational stability in competitive economies
zbMATH Open document ID: 0837.90018
DOI: 10.1007/BF01027099
author: Sjur Didrik Flåm
published in: Set-Valued Analysis
publication date: 1996-05-12T00:00:00Z
review text: The aim of the paper is to extend and complement the results of Lucchetti and Patrone (1986) focusing on the stability of supply, demand and equilibria in perfectly competitive economies. Applying set-valued, convex analysis the conditions under which individual and aggregate market behavior constitute graph convergent correspondences, are identified. After the introduction the paper starts out by recalling some key concepts from convex analysis and convergence theory. In Section 3, the behavior of a single firm endowed with a fixed technology and seeking to maximize its profit for the exogenously given and fixed non-negative price vector is analyzed. Section 4 deals with a representative consumer maximizing its proper concave use utility function subject to the linear budget constraints. The objective of these sections is to explore stability of individual supply and demand. Thereafter, the results obtained for single agents are synthesized into a general equilibrium analysis (Section 5). Section 6 concludes by pointing out some possible extensions.
Mathematics Subject Classification ID: 91B50
Mathematics Subject Classification ID: 91B38
Mathematics Subject Classification ID: 49J52
zbMATH DE Number: 627469
zbMATH Keywords: epi- and hypo-convergence
zbMATH Keywords: sub- and super-differentials
zbMATH Keywords: indirect utility
zbMATH Keywords: stability
zbMATH Keywords: perfectly competitive economies
zbMATH Keywords: convex analysis
reviewed by: Mikulas Luptacik
MaRDI profile type: Publication
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full work available at URL: https://doi.org/10.1007/bf01027099
OpenAlex ID: W155982141
description: scientific article; zbMATH DE number 627469