A General Equilibrium Model in Which Consumption Takes Time

Cuong Le-Van (), Thi-Do-Hanh Nguyen, Ngoc-Sang Pham and Binh Tran-Nam
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Cuong Le-Van: IPAG Business School, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Thi-Do-Hanh Nguyen: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
Binh Tran-Nam: RMIT - School of Business and Management, RMIT University Vietnam

PSE-Ecole d'économie de Paris (Postprint) from HAL

Abstract: This chapter examines a general equilibrium competitive economy with many heterogeneous agents. The key feature of the model is that consumption itself takes time so that a typical household is subject to a financial constraint as well as a time constraint. Using the dividend approach proposed by Le-Van and Nguyen (J Math Econ 43:135−152, 2007), it is shown that the economy possesses at least one autarkic Walrasian equilibrium. Sufficient conditions for the uniqueness of the autarkic equilibrium are then derived. Finally, a specific example is provided to illustrate the working of the model, including the derivation of the equilibrium labour allocation and some comparative static results.

Keywords: General equilibrium; Heterogeneous households; Quasi-equilibrium; Dividend approach (search for similar items in EconPapers)
Date: 2018-05-15
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Published in Tran-Nam Binh; Tawada Makoto; Okawa Masayuki. Recent Developments in Normative Trade Theory and Welfare Economics. New Frontiers in Regional Science: Asian Perspectives, 26, Springer, Singapore, pp.97-124, 2018, 978-981-10-8614-4. ⟨10.1007/978-981-10-8615-1_7⟩

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Working Paper: A General Equilibrium Model in Which Consumption Takes Time (2018)
Working Paper: A General Equilibrium Model in Which Consumption Takes Time (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:hal-03260818

DOI: 10.1007/978-981-10-8615-1_7

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