Walrasian Equilibrium Problem with Memory Term

Maria Bernadette Donato, Monica Milasi () and Laura Scrimali
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Maria Bernadette Donato: University of Messina
Monica Milasi: University of Messina
Laura Scrimali: University of Catania

Journal of Optimization Theory and Applications, 2011, vol. 151, issue 1, No 5, 64-80

Abstract: Abstract The aim of this paper is to study the Walrasian equilibrium problem when the data are time-dependent. In order to have a more realistic model, the excess demand function depends on the current price and on previous events of the market. Hence, a memory term is introduced; it describes the precedent states of the equilibrium. This model is reformulated as an evolutionary variational inequality in the Lebesgue space L 2([0,T],ℝ), and, thanks to this characterization, existence and qualitative results on equilibrium solution are given.

Keywords: Economic equilibrium problem; Evolutionary variational inequality; Memory term; Lagrangean theory (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (5)

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DOI: 10.1007/s10957-011-9862-y

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