Uniqueness of Equilibrium in the Multi-Country Ricardo Model

Herbert Scarf and Charles A. Wilson
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Charles A. Wilson: New York University

No 1431, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: We present two arguments, one based on index theory, demonstrating that the multi-country Ricardo model has a unique competitive equilibrium if the aggregate demand functions exhibit gross substitutability. The result is somewhat surprising because the assumption of gross substitutability is sufficient for uniqueness in a model of exchange but not, in general, when production is included in the model.

Keywords: Ricardo model; Gross substitutes; Uniqueness (search for similar items in EconPapers)
JEL-codes: D51 F11 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2003-07
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