The natural projection approach to production and uncertainty

Pascal Stiefenhofer

No 2011-10, Economics Discussion Papers from Kiel Institute for the World Economy (IfW Kiel)

Abstract: The paper generalizes the natural projection approach introduced by Balasko (1988) for the study of the qualitative equilibrium structure of exchange economies to a two period private ownership production model with uncertainty. It shows that long run equilibrium properties of the production model are those of the pure exchange economy with production adjusted demand functions. Associated with every long run equilibrium there exist a finite, odd number of short run equilibria.

Keywords: existence of equilibrium; uncertainty; production (search for similar items in EconPapers)
JEL-codes: D52 D53 D62 (search for similar items in EconPapers)
Date: 2011
New Economics Papers: this item is included in nep-dge
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https://www.econstor.eu/bitstream/10419/45637/1/657916404.pdf (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwedp:201110

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