Existence of a competitive equilibrium in one sector growth model with heterogeneous agents and irreversible investment

Cuong Le van and Yiannis Valakis
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Yiannis Valakis: UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES)

No 2001018, LIDAM Discussion Papers IRES from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: We prove existence of a competitive equilibrium in a version of a Ramsey (one sector) model in which agents are heterogeneous and gross investment is constrained to be non negative. We do so by converting the infinite-dimensional fixed point problem stated in terms of prices and commodities into a finite-dimensional Negishi problem involving individual weights in a social value function. This method allows us to obtain detailed results concerning the properties of competitive equilibria. Because of the simplicity of the techniques utilized our approach is amenable to be adapted by practitioners in analogous problems often studied in macroeconomics

Keywords: One sector growth model; Pareto-optimum; Competitive equilibrium; Heterogeneous agents; Non negative gross investment (search for similar items in EconPapers)
JEL-codes: C62 D51 E13 (search for similar items in EconPapers)
Pages: 35
Date: 2001-09-01
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Related works:
Journal Article: Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment (2003)
Working Paper: Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment (2003)
Working Paper: Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:ctl:louvir:2001018

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