On a competitive economic equilibrium referred to a continuous time period

Rania, Francesco

doi:10.12988/ams.2013.38433

Cited by 3 publications

(3 citation statements)

References 12 publications

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“…As said above our existence result on competitive equilibrium is general for the pure exchange economies because it includes the results in [1,2] and, probability, also the ones in [3,12] related to the dynamic case introduced in [11,13] if we replace the concavity condition with quasi-concavity condition.…”

Section: Introductionmentioning

confidence: 76%

GQVIs for studying competitive equilibrium problem when utilities are locally Lipschitz and quasi-concave

Rania¹

2016

ams

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We establish an existence result on competitive equilibrium problem for an exchange economy when the consumers' utilities are represented by a locally Lipschitz continuous and quasi-concave functions. The consumer's demand is found to be actually a multi-valued map. Furthermore, any competitive equilibrium satisfies Walras' law, too. To achieve this goal, the theory of Nonsmooth Analysis combined with the Generalized Quasi-Variational Inequalities (GQVIs) is used.

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Section: Introductionmentioning

confidence: 76%

GQVIs for studying competitive equilibrium problem when utilities are locally Lipschitz and quasi-concave

Rania¹

2016

ams

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“…Probably, our techniques also work if we consider the dynamic version of pure exchange economics introduced in [16,17] (see also [26,27]) and so the existing results of these papers could be improved by replacing the concavity condition with the quasiconcavity condition.…”

Section: Abstract and Applied Analysismentioning

confidence: 99%

Existence of General Competitive Equilibria: A Variational Approach

Anello

Rania

2016

Abstract and Applied Analysis

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We study the existence of general competitive equilibria in economies with agents and goods in a finite number. We show that there exists a Walras competitive equilibrium in all ownership private economies such that, for all consumers, initial endowments do not contain free goods and utility functions are locally Lipschitz quasiconcave. The proof of the existence of competitive equilibria is based on variational methods by applying a theoretical existence result for Generalized Quasi Variational Inequalities.

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“…Instead, the finality of the strategy pursued by agents is finalized toward maximizing, under the constrains of budget, the mean value of the utility in the given period. Therefore, in respect of the above economic justification, the principal activities will be considered in terms of mean values and in force of condition 3), which permit us to justify that the non-production in mean value does not imply the non-production in any instant (fact inaccurately contradicted in the recent paper [17] and long before mentioned in [5,6,13,14,15,16] for supporting the existence of a dynamic equilibrium for a pure exchange economy over time and currently proved in [32]), we will define a new dynamic competitive equilibrium. Successively in Proposition 3.1, we will prove that such equilibrium, under some assumptions, satisfies Walras' law.…”

Section: Introductionmentioning

confidence: 97%

Quasi-variational analysis of a dynamic Walrasian competitive exchange economy

Anello

Rania²

2013

ijma

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In this paper we propose a new definition of competitive equilibrium for an exchange economy model over time. At each moment consumer is characterized by an initial endowment and by an utility function, which he adopts for choosing the better consumption that he can afford. The actions, the constrain budget and the preferences described by utility functions depend on the price vector, time and the instantaneous commodity holding. With reference to a finite continuous time period, assuming that in this marketplace the mean value of the aggregate excess demand is non-positive and measuring its principal activities only in terms of mean values, we treat this setting as a pure exchange economy and for it we give an existence result of such equilibria by means of variational methods.

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On a competitive economic equilibrium referred to a continuous time period

Cited by 3 publications

References 12 publications

GQVIs for studying competitive equilibrium problem when utilities are locally Lipschitz and quasi-concave

GQVIs for studying competitive equilibrium problem when utilities are locally Lipschitz and quasi-concave

Existence of General Competitive Equilibria: A Variational Approach

Quasi-variational analysis of a dynamic Walrasian competitive exchange economy

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