Continua of underemployment equilibria reflecting coordination failures, also at Walrasian prices
type: Item
instance of: scholarly article
title: Continua of underemployment equilibria reflecting coordination failures, also at Walrasian prices
zbMATH Open document ID: 1012.91032
DOI: 10.1016/S0304-4068(01)00075-1
author: Alessandro Citanna
author: Hervé Crès
author: P. Jean-Jacques Herings
author: Antonio Villanacci
author: Jacques H. Drèze
published in: Journal of Mathematical Economics
publication date: 2002-06-24T00:00:00Z
review text: The paper considers a general equilibrium model with production and the combination of fixed/flexible prices. The commodities are split into two a priori given groups, labeled I and II. The prices of commodities in group I are assumed to be completely flexible, while the prices of commodities in group II on the contrary are fixed. It is considered that each household and each firm has a fixed predetermined market share, which allows for several interesting special cases like uniform or proportional rationing systems. It is shown that even at Walrasian prices a continuum of equilibrium results, among which an equilibrium with approximately no trade and a Walrasian equilibrium. Some properties of the set of equilibria are analysed.
reviewed by: Algimantas Slivinskas
Mathematics Subject Classification ID: 91B50
zbMATH DE Number: 1758544
zbMATH Keywords: general equilibrium
zbMATH Keywords: underemployment
zbMATH Keywords: price rigidities
zbMATH Keywords: coordination failures
MaRDI profile type: Publication
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full work available at URL: s0304-4068(01)00075-1
OpenAlex ID: W2130215617
Wikidata QID: Q126771247
description: scientific article; zbMATH DE number 1758544