On the uniqueness of local equilibria

Jean-Marc BONNISSEAU () and Orntangar Nguenamadji ()
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Orntangar Nguenamadji: Paris School of Economics - Centre d'Economie de la Sorbonne, http://cermsem.univ-paris1.fr

Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne

Abstract: In a pure exchange economy, we definie a new concept of local equilibria where the consumers are restricted by sale constraints. So the equilibrium consumptions are close to the initial endowments. We prove that the local equilibrium is always unique when utility functions are smooth and the constraints are sufficiently tight. We also prove that the local equilibria converge to the equilibrium of the linear tangent economy when the sale constraints converge to zero.

Keywords: General economic equilibrium; local equilibria; uniqueness. (search for similar items in EconPapers)
JEL-codes: C62 D50 D62 (search for similar items in EconPapers)
Date: 2008-12

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ftp://mse.univ-paris1.fr/pub/mse/CES2008/B08102.pdf (application/pdf)

Related works:
Working Paper: On the uniqueness of local equilibria (2008)
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Persistent link: http://EconPapers.repec.org/RePEc:mse:cesdoc:b08102

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