Linear exchange economies with a continuum of agents

Monique Florenzano and Emma Moreno-García

Spanish Economic Review, 2001, vol. 3, issue 4, 253-272

Abstract: The purpose of this paper is to study how the equilibrium prices vary with respect to the initial endowments in a linear exchange economy with a continuum of agents. We first state the model and give conditions of an increasing strength for existence, uniqueness and continuity of equilibrium prices. Then, if we restrict ourselves to economies with essentially bounded initial endowments and if we assume that there is, from the point of view of preferences, only a finite number of types of agents, we show that, on an open dense subset of the space of initial endowments, the equilibrium price vector is an infinitely differentiable function of the initial endowments. The proof of this claim is based on a formula allowing to compute the equilibrium price vector around a so-called "regular" endowment where it is known.

Keywords: Linear utilities; indirect utility function; Walrasian equilibrium; atomless economies (search for similar items in EconPapers)
JEL-codes: D00 D11 D49 D59 (search for similar items in EconPapers)
Date: 2001-12-17
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Citations: View citations in EconPapers (3)

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Related works:
Working Paper: Linear exchange economies with a continuum of agents (1996)
Working Paper: Linear exchange economies with a continuum of agents (1996)
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