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

Cuong Le van and Yiannis Vailakis ()
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Yiannis Vailakis: UCL IRES - Institut de recherches économiques et sociales - UCL - Université Catholique de Louvain = Catholic University of Louvain

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: Wr 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 tated 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 eqilibria. Because of the simplicity of techniques utilized our approach is amenable to be adapted by practioners 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)
Date: 2003-11
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Published in Economic Theory, 2003, 22 (4), pp.743-771. ⟨10.1007/s00199-002-0355-y⟩

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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 one sector growth model with heterogeneous agents and irreversible investment (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00119095

DOI: 10.1007/s00199-002-0355-y

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