The existence of equilibrium in a simple exchange model

Piotr Maćkowiak

MPRA Paper from University Library of Munich, Germany

Abstract: This paper gives a new proof of the existence of equilibrium in a simple model of an exchange economy. We first formulate and prove a simple combinatorial lemma and then we use it to prove the existence of equilibrium. The combinatorial lemma allows us to derive an algorithm for the computation of equilibria. Though the existence theorem is formulated for functions defined on open simplices it is equivalent to the Brouwer fixed point theorem.

Keywords: Simple exchange model; equilibrium existence; zero of a function; fixed point; computation of equilibria; simplicial methods (search for similar items in EconPapers)
JEL-codes: C62 D51 (search for similar items in EconPapers)
Date: 2013-01, Revised 2013-04
New Economics Papers: this item is included in nep-mic
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Citations: View citations in EconPapers (2)

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