The existence of equilibrium without fixed-point arguments

Piotr Maćkowiak

MPRA Paper from University Library of Munich, Germany

Abstract: This paper gives a proof of the existence of general equilibrium without the use of a fixed point theorem. Unlike other results of this type, the conditions we use do not imply that the set of equilibrium prices is convex. We use an assumption on the excess demand correspondence that is related to, but weaker than, the weak axiom of revealed preference (WARP). The proof is carried out for compact and convex valued upper hemicontinuous excess demand correspondences satisfying this WARP-related condition and some other standard conditions. We also provide an algorithm for finding equilibrium prices.

Keywords: existence of economic equilibrium; the weak axiom of revealed preference; excess demand correspondence; distribution economies; law of demand (search for similar items in EconPapers)
JEL-codes: C62 D50 (search for similar items in EconPapers)
Date: 2010-03-29, Revised 2010-09-04
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Citations: View citations in EconPapers (1)

Published in The existence of equilibrium without fixed-point arguments 6.46(2010): pp. 1194-1199

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Journal Article: The existence of equilibrium without fixed-point arguments (2010)
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