Equilibrium Correspondence of Linear Exchange Economies

M. Florig
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M. Florig: CERMSEM, Université de Paris 1

Journal of Optimization Theory and Applications, 2004, vol. 120, issue 1, No 5, 97-109

Abstract: Abstract According to Mertens (Ref. 1), the set of equilibrium prices in a linear exchange economy is a convex polyhedral cone (after adding {0}). We give a constructive proof of this fact. Then, we establish a lower-semicontinuity property of the equilibrium price correspondence. The set of equilibrium allocations is a closed, convex polyhedron. We give a characterization of this set.

Keywords: Walras equilibrium; linear utility functions; sensitivity analysis; computation; equilibrium correspondence (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (4)

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DOI: 10.1023/B:JOTA.0000012734.59679.9a

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