Existence of equilibrium in OLG economies with increasing returns

Jean-Marc Bonnisseau and Lalaina Rakotonindrainy

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

Abstract: We consider a standard overlapping generation economy with a simple demographic structure with a new cohort of agents at each period with an economic activity extended over two successive periods and finitely many firms active forever. The production possibilities are described by a sequence of production mapping and the main innovation comes from the fact that we allow for increasing returns to scale of more general type of non-convexities. To describe the behavior of the firms, we consider loss-free pricing rules, which covers the case of the average pricing rule, the competitive behavior when the firms have convex production sets, and the competitive behavior with quantity constraints à la Dehez-Drèze. We prove the existence of an equilibrium under assumptions, which are at the same level of generality than the ones for the existence in an exchange economy.

Keywords: existence; Overlapping generation model; increasing returns to scale; loss-free pricing rules; equilibrium; existence.; Modèle à générations imbriquées; rendements d'échelle croissants; règle de tarification sans perte; équilibre (search for similar items in EconPapers)
Date: 2011-11
New Economics Papers: this item is included in nep-com, nep-dge and nep-mic
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00654013v1
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Citations: View citations in EconPapers (3)

Published in 2011

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Related works:
Journal Article: Existence of equilibrium in OLG economies with increasing returns (2017)
Working Paper: Existence of equilibrium in OLG economies with increasing returns (2017)
Working Paper: Existence of equilibrium in OLG economies with increasing returns (2017)
Working Paper: Existence of equilibrium in OLG economies with increasing returns (2011)
Working Paper: Existence of equilibrium in OLG economies with increasing returns (2011)
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