Uniqueness

Michael Allingham
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Michael Allingham: University of Kent

Chapter 9 in Value, 1983, pp 68-76 from Palgrave Macmillan

Abstract: Abstract Given that equilibrium prices exist and depend continuously on attributes I now enquire whether such prices are unique. This will be the case if there is only one price at which the plans of all the agents are compatible; if this were not the case, and particularly if there were infinitely many equilibrium prices, then the theory of value would be ambiguous. To return to the analogy of the ball and spring, the theory of weight would be unsatisfactory if the force of gravity balanced that of the spring at more than one length, for then a given ball would have more than one weight.

Keywords: Equilibrium Price; Excess Demand; Budget Line; Multiple Market; Price Figure (search for similar items in EconPapers)
Date: 1983
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DOI: 10.1007/978-1-349-17001-2_9

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