The existence of equilibrium without fixed-point arguments

Piotr Maćkowiak

Journal of Mathematical Economics, 2010, vol. 46, issue 6, 1194-1199

Abstract: Abstract This paper gives a proof of the existence of general equilibrium without the use of a fixed point theorem. Unlike other results of this type, the conditions we use do not imply that the set of equilibrium prices is convex. We use an assumption on the excess demand correspondence that is related to, but weaker than, the weak axiom of revealed preference (WARP). The proof is carried out for compact and convex valued upper hemicontinuous excess demand correspondences satisfying this WARP-related condition and some other standard conditions. We also provide an algorithm for finding equilibrium prices.

Keywords: Existence; of; economic; equilibrium; The; weak; axiom; of; revealed; preference; Excess; demand; correspondence; Distribution; economies; Law; of; demand (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (2)

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Working Paper: The existence of equilibrium without fixed-point arguments (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:46:y:2010:i:6:p:1194-1199

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