Equilibrium Existence Results for Economies with Price Rigidities

P. Jean-Jacques Herings

Economic Theory, 1996, vol. 7, issue 1, 63-80

Abstract: An exchange economy with price rigidities and rationing is considered. The rationing systems allowed are very general. Several characterizations of the set of constrained equilibria are given, and new equilibrium existence results are provided. More specifically, well-known properties like the existence of equilibria without rationing of the numeraire commodity, and the existence of supply and demand constrained equilibria without rationing on the market of at least one commodity follow as special cases from the theorems proved. Finally it is shown that the equilibrium correspondence is upper semi-continuous, while it is continuous on a residual set of points. In order to prove these results a new continuity result for the budget correspondence is given.

Date: 1996
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Journal Article: Equilibrium existence results for economies with price rigidities (1995)
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