Existence of Equilibrium Prices: A Pedagogical Proof

Simone Tonin

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Abstract: Under the same assumptions made by Mas-Colell et al. (1995), I develop a short, simple, and complete proof of existence of equilibrium prices based on excess demand functions. The result is obtained by applying the Brouwer fixed point theorem to a trimmed simplex which does not contain prices equal to zero. The mathematical techniques are based on some results obtained in Neuefeind (1980) and Geanakoplos (2003).

Date: 2018-08, Revised 2018-09
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