Equilibrium

Michael Allingham
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Michael Allingham: University of Kent

Chapter 4 in Theory of Markets, 1989, pp 36-50 from Palgrave Macmillan

Abstract: Abstract An equilibrium price system, or equilibrium, of a quasi-economy is a price at which all traders’ demands are compatible, that is to say a p∈P such that ∑d t (p, w t ) ⩽ ∑w t , or equivalently such that f(p) ⩽ 0.

Keywords: Curve Versus; Maximal Element; Equilibrium Price; Excess Demand; Boundary Property (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-10265-5_4

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DOI: 10.1007/978-1-349-10265-5_4

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