Quasivariational inequalities for dynamic competitive economic equilibrium problems in discrete time

Shapour Heidarkhani (), David Barilla () and Giuseppe Caristi ()
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Shapour Heidarkhani: Razi University
David Barilla: Messina University
Giuseppe Caristi: Messina University

Decisions in Economics and Finance, 2023, vol. 46, issue 1, No 9, 277-304

Abstract: Abstract Equilibrium is a central concept in numerous disciplines including economics, management science, operations research, and engineering. We are concerned with an evolutionary quasivariational inequality which is connected to discrete dynamic competitive economic equilibrium problem in terms of maximization of utility functions and of excess demand functions. We study the discrete equilibrium problem by means of a discrete time-dependent quasivariational inequality in the discrete space $$\ell ^2([0,T]_{\mathbb {Z}},\mathbb {R})$$ ℓ 2 ( [ 0 , T ] Z , R ) . We ensure an existence result of discrete time-dependent equilibrium solutions. Finally, we show the stability of equilibrium in a completely decentralized Walrasian general equilibrium economy in which prices are fully controlled by economic agents, with production and trade occurring out of equilibrium.

Keywords: Competitive economic equilibrium; Discrete dynamic; Walras law; Utility function; Discrete space; Variational inequality (search for similar items in EconPapers)
JEL-codes: C60 C61 C62 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s10203-022-00385-8

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