Linear exchange economies with a continuum of agents

Monique Florenzano and Emma Moreno García
Authors registered in the RePEc Author Service: Emma Moreno-García

UC3M Working papers. Economics from Universidad Carlos III de Madrid. Departamento de Economía

Abstract: The purpose of this paper is to study how the equilibrium prices vary with respect to the initial endowments in a linear exchange economy with a continuum of agents. We first state the model and give conditions of an increasing strength for existence, uniqueness and continuity of equilibrium prices.Then, if we restrict ourselves to economies with essentially bounded initial endowments and if we assume that there is, from the point of view of preferences, only a finite number of types of agents, we show that, on an open dense subset of the space of initial endowments, the equilibrium price vector is an infinitely differentiable function of the initial endowments. The proof of this claim is based on an explicit formula allowing to compute the equilibrium price vector around a so-called "regular" endowment where it is known.

Keywords: Open; mapping; theorem; Linear; utilities; Indirect; utility; function; Walrasian; equilibrium; Atomless; measure; space; of; agents (search for similar items in EconPapers)
Date: 1996-08
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Related works:
Journal Article: Linear exchange economies with a continuum of agents (2001)
Working Paper: Linear exchange economies with a continuum of agents (1996)
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Persistent link: https://EconPapers.repec.org/RePEc:cte:werepe:3969

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