Exchange price equilibria and variational inequalities
type: Item
instance of: scholarly article
title: Exchange price equilibria and variational inequalities
zbMATH Open document ID: 0709.90013
DOI: 10.1007/BF01585753
author: Stella Dafermos
published in: Mathematical Programming. Series A. Series B
publication date: 1990-01-01T00:00:00Z
review text: The Walrasian equilibria of a pure exchange economy are characterized as the solutions of a variational inequality. The theory of variational inequalities is then used to provide a simple proof of the existence of such equilibria under weak assumptions on the aggregate excess demand functions. The largest part of the paper is devoted to the further characterization of Walrasian equilibria under various monotonicity assumptions on the excess demand functions (i.e. weak, strict, and strong monotonicity). Under weak monotonicity, the set of equilibria is convex; under strict monotonicity, equilibrium is unique; under strong monotonicity, an equilibrium price vector depends continuously on the aggregate excess demand function. Finally, the connection between Walrasian equilibria and the solution of a convex programming problem is investigated.
Mathematics Subject Classification ID: 91B50
Mathematics Subject Classification ID: 49J40
Mathematics Subject Classification ID: 90C33
Mathematics Subject Classification ID: 90C25
zbMATH DE Number: 4167791
zbMATH Keywords: Walrasian equilibria
zbMATH Keywords: pure exchange economy
zbMATH Keywords: variational inequality
zbMATH Keywords: monotonicity
reviewed by: Philippe J. Deschamps
MaRDI profile type: Publication
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full work available at URL: https://doi.org/10.1007/bf01585753
OpenAlex ID: W2023021361
description: scientific article; zbMATH DE number 4167791