Edgeworth box economies with multiple equilibria

Alexis Akira Toda and Kieran James Walsh ()
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Kieran James Walsh: University of Virginia

Economic Theory Bulletin, 2017, vol. 5, issue 1, No 7, 65-80

Abstract: Abstract We derive sufficient conditions for the existence of multiple equilibria in two-good, two-agent pure exchange economies with heterogeneous but symmetric preferences with identical Bernoulli utilities. When preferences are non-homothetic (for example, quadratic, quasi-linear, or HARA), multiple equilibria are possible even with identical endowments.

Keywords: Excess demand functions; Multiple equilibria; Edgeworth box (search for similar items in EconPapers)
JEL-codes: C62 D51 D58 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (18)

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DOI: 10.1007/s40505-016-0102-3

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