Solving Systems of Simultaneous Equations in Economics

John Geanakoplos () and Wayne Shafer
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John Geanakoplos: Cowles Foundation, Yale University, https://economics.yale.edu/people/faculty/john-geanakoplos
Wayne Shafer: University of Southern California

No 902, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: We show that there is a broad range of systems of simultaneous equations that arise in economics as descriptions of equilibrium that can be solved in elementary fashion via degree theory. Some of these systems are not susceptible to analysis by standard Brouwer fixed point methods. Two of our applications are to general equilibrium with incomplete markets, and to Nonconvex production with noncompetitive pricing rules.

Keywords: Simultaneous equations; incomplete markets; degree theory; general equilibrium (search for similar items in EconPapers)
Pages: 31 pages
Date: 1989-10
Note: CFP 749.
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Published in Journal of Mathematical Economics (1990), 19: 69-93

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