Walrasian equilibrium without homogeneity and Walras’ Law

D’Agata, Antonio

Mathematical Social Sciences, 2022, vol. 119, issue C, 68-75

Abstract: This paper introduces two new boundary conditions that ensure the existence of a Walrasian equilibrium in monetary economies violating Walras’ Law and homogeneity of degree zero of the excess demand function. The two conditions are more general than those adopted by the existing literature. The existence of a Walrasian equilibrium with free disposal is also considered. As a by-product of our analysis, a refinement of the celebrated Uzawa’s equivalence Theorem and extensions of the Hartman–Stampacchia and Poincaré–Miranda Theorems are also provided.

Keywords: Walrasian equilibrium; Homogeneity of degree zero; Walras’ law; Uzawa’s equivalence theorem; Hartman–Stampacchia theorem; Poincaré–Miranda theorem (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eee:matsoc:v:119:y:2022:i:c:p:68-75

DOI: 10.1016/j.mathsocsci.2022.06.003

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