Robustness of the Uniqueness of Walrasian Equilibrium with Cobb-Douglas Utilities

David Cass, Abhinash Borah, Kyungmin Kim (), Maxym Kryshko, Antonio Penta () and Jonathan Pogach ()
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Kyungmin Kim: Department of Economics, University of Pennsylvania
Jonathan Pogach: Department of Economics, University of Pennsylvania

PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania

Abstract: The majority of results in the literature on general equilibrium are not for an economy (i.e. given an endowment and preferences), but rather, for a set of economies (i.e. a set of endowments given preferences). Therefore, we argue that the most appropriate robustness result requires perturbing economies uniformly over the space of endowments for which the result is obtained. In this paper, we examine the robustness of the uniqueness of Walrasian endowment economies with Cobb-Douglas utility functions under this interpretation of robustness. Namely, we prove that for economies described by Cobb-Douglas utilities and all endowments in a fixed set, uniqueness of equilibrium is robust to perturbations of the utility functions.

Keywords: Walrasian Equilibrium; Uniqueness; Robustness (search for similar items in EconPapers)
JEL-codes: D50 D51 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2009-10-30
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