PROPOSITIONS OF FIVE EQUILIBRIA EXAMPLES FOR 3×2 CES/LES PURE EXCHANGE ECONOMIES

Hui Huang () and Shunming Zhang ()
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Hui Huang: Department of Economics, The University of Western Ontario, London, Ontario, N6A 5C2, Canada
Shunming Zhang: Department of Economics, The University of Western Ontario, London, Ontario, N6A 5C2, Canada;

International Journal of Information Technology & Decision Making (IJITDM), 2004, vol. 03, issue 04, 583-604

Abstract: This paper reports numerical examples for a 3 individual 2 good CES/LES pure exchange economy in which 5 equilibria exist. We explore the size of the regions of the parameter space for which 5 equilibria persist, and show these ranges to be very small in each parameter. Other features of the equilibrium manifolds are examined. The number of equilibria can jump from 5 to 3 to 1, or even from 5 to 1. We also find changes of (Kehoe) equilibrium indices from -1 to +1 or from +1 to -1. Then, we provide parameter changes simultaneously in a large range that preserve given 5 equilibria.

Keywords: General equilibria; parameter space; equilibrium manifolds; Kehoe indices (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1142/S0219622004001264

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