Economic equilibrium through variational inequalities

• Autorzy: Magdalena Nockowska-Rosiak
• Języki publikacji: EN

Abstrakty

EN

The purpose of this paper is to present an alternative proof of the existence of the Walrasian equilibrium for the Arrow-Debreu-McKenzie model by the variational inequality technique. Moreover, examples of the generalized Arrow-Debreu-McKenzie model are given in which the price vector can reach the boundary of the orthant allowing a commodity to be of price zero at equilibrium. In such a case its supply exceeds demand. It is worth mentioning that utility functions in this model are allowed not to be strictly concave and they can reach their maximum in the commodity space.

Kategorie tematyczne

• 65K10: Optimization and variational techniques
• 91B50: General equilibrium theory

• Wydawca: Institute of Mathematics Polish Academy of Sciences
• Czasopismo: Applicationes Mathematicae
• Rocznik: 2009
• Tom: 36
• Numer: 1
• Strony: 43-58

Daty

wydano

2009

Twórcy

autor

Magdalena Nockowska-Rosiak

• Institute of Mathematics, Technical University of Łódź, Wólczańska 215, 90-924 Łódź, Poland

Identyfikatory

DOI

10.4064/am36-1-4